Banking · CTS and Clearing Operations
Consider the following statements regarding CTS return clearing rules: Statement I: Return Clearing sessions are held on the same day for high-value cheques and the next day for all other cheques. Statement II: A drawee bank must return an unpaid cheque within 24 hours of clearing settlement; failure to do so makes the bank liable to the presenting bank. Statement III: Standardized reason codes provided by NPCI must be selected for return, and custom free-text reasons are not permitted in electronic files. Which of the statements given above are correct?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1Only I
- 2Only I and III
- 3Only II and III✓
- 4I, II and III
Correct answer
Only II and III
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