The Hindu Business Line : PNB begins cheque truncation

Punjab National Bank has commenced cheque truncation system (CTS) in the National Capital Region (New Delhi). The system has gone live in 10 branches of PNB in New Delhi.The Reserve Bank of India had initiated steps for implementation of cheque truncation system in NCR, New Delhi. Ten banks including PNB had joined the project. By March 2008, CTS is likely to be made live in all the branches of PNB in NCR (New Delhi) area, a release issued by the bank said. Under the CTS, image/s of the instrument and the corresponding data contained in MICR line will be captured and used for settlement amongst banks and payment of cheques. Inter-city collection/clearance of cheques is also expected to be brought under CTS, which will enable reduce collection time significantly, the release added. –

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