In Indian banking, what are the full forms of CTS and ECCS?
2018
In Indian banking, what are the full forms of CTS and ECCS?
- A.
Cheque Truncation System, Express Cheque Clearing System
- B.
Cheque Truncation System, Electronically Cheque Clearing System
- C.
Cheque Transaction System, Electronically Cheque Clearing System
- D.
Cheque Transaction System, Express Cheque Clearing System
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Show answer & explanation
Correct answer: B
In Indian banking:
CTS = Cheque Truncation System
ECCS = Electronically Cheque Clearing System
CTS speeds up cheque processing by transmitting cheque images electronically rather than physically moving cheques between banks.
Therefore, the correct answer is B) Cheque Truncation System, Electronically Cheque Clearing System.