5 significant features of Cheque Truncation System - Chennai
RBI in its Second Quarter Review of Monetary Policy 2010-11 released on 2nd November, 2001, indicated that the next phase of Cheque Truncation System, will be rolled out by March 2011 in Chennai.
The Chennai CTS will be Grid Based covering the clearing houses in the other cities of Tamil Nadu and the adjoining states of Kerala and Karnataka. Not sure, why Andhra Pradesh has been left out.
The FAQ’s can be accessed at http://www.npci.org.in/documents/CTS-Chennai.pdf
The highlights are: -
01)It will be grid based
02)RBI will manage the Chennai Banker’s Clearing House (CBCH)
03)NPCI will act as a Cheque Processing Centre (CPC). NPCI will process electronic cheques and images received from member banks.
04)There can be four types of participants in CBCH viz: -
i. Member banks of the CBCH
ii. Sub Member banks who will participate through members
iii. Indirect members who can participate for submission of data and images through a Member bank but will maintain a separate settlement account.
iv. Banks not present in CBCH but having presence in other cities when Grid is introduced (to be finalized in consultation with RBI). They can participate through sub membership or indirect membership route.
5. There will be common disaster recovery (DR) arrangements for both New Delhi and Chennai CTS operations.
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