What is the Full Form of CTS?

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CTS Full Form is Cheque Truncation System. It was started in 2008. It is a project of Reserve Bank of India which was launched for faster clearance of cheques.
It is basically based on the principle of an online image- based system which clears the Cheque through Cheque images and by recognizing the magnetic ink character. 
 An electronic image of the cheque along with MICR number is sent to the drawee bank from the drawer bank.
This is enable almost same day clearing of funds instead of present scenario which takes 4 to 7 days.

It has become mandatory for the banks to issue CTS enabled Cheques to all their customers.

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