July 01, 2014 – India’s Cheque Truncation System open as usual

            As Reserve Bank of India’s accounting year is July to June, every July 1, Reserve Bank of India remains closed for public transactions.

            Under CTS the settlements take place in the respective banks account maintained with Reserve Bank of India, in its eKuber CBS.

            Till last year, the CTS Grids were closed in tandem with RBI closure on July 1. However, this year, Reserve Bank of India has decided that it will remain open even for public transactions on July 1, 2014.

            This means RTGS system will also work which in turn facilitates CTS Grids to be open.

            More than 400 lac cheques are being routed monthly in the 3 CTS Grids across India i.e 15 lacs cheques per working day.