CTS Full Form
The CTS full form is Cheque Truncation System. This Cheque Truncation System is launched for fast clearance of cheques by the Reverse Bank of India. From one bank to another bank, it does not involve a physical transfer. It is an online image cheque clearance by using the system called cheque clearing system by scanning the image of the cheque.
It is an electronic image of the cheque along with the Magnetic ink character recognition (MICR) number is sent to the drawee bank from the drawer bank. MICR is a number, it helps to identify the process check. This number consists of three groups of numbers includes bank routing number, account number and check number.
History of CTS:
- It was launched in February 2008 in National Capital Region in New Delhi by Reserve Bank of India.
- Later in September 2011, it was launched in Chennai.
- RBI decided in 2013 only CTS 2010 Cheques would be accepted for clearance by the banks from 1 August 2013, later it was extended to 31 December 2013.
Advantages of the CTS system:
- It saves effort, money, and time that involved in the physical activity like travelling etc.
- It improves and butter customer service like clearing checker faster.
- It improving the operational efficiency of internet banking system.
- Reduce the fraud operation related to cheque clearance.
- No geographic restrictions.
- No fear of losing cheque.
CTS Full Form:
The CTS full form is Clear To Send. It is a standard mechanism or control flow system in RS 232 standard. It gives a signal or indicates that a device or line is ready for data transmission. Clear to send a signal to send in response to Request Of Send (RTS) flow control signal. The CTS is sent with the help of sending device to inform the receiver end to get ready to the receiver or set up the CTS control system. When the receiver end is ready to receive then CTS signal to tell another end to send the data. It is a system that helps each other before the data transmission.
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