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Pan-India cheque truncation system to be implemented by Sep: RBI
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Pan-India cheque truncation system to be implemented by Sep: RBI
In a bid to accelerate clearance of cheques, the Reserve Bank of India on Thursday said it has decided to implement a cheque truncation system (CTS) across the country by September this year. RBI introduced this system in 2010. At present, it is operational in some major cities.
“The CTS, which is currently operational at the major clearing houses of the country, has stabilised well and it has made large efficiency gains. In view of this, a pan-India CTS will be made operational by September 2020,” according to the Statement on Developmental and Regulatory Policies released by RBI.
Observing that digital payments in India have been growing rapidly, RBI said a digital payments index will be launched soon. The Reserve Bank shall construct and periodically publish a composite DPI to capture the extent of digitisation of payments effectively, it said.
“The DPI would be based on multiple parameters and shall reflect accurately the penetration and deepening of various digital payment modes. The DPI will be made available from July 2020 onwards,” it said. — PTI
