Banking · Cheque Truncation System
In the context of the Cheque Truncation System (CTS), what is the primary responsibility of the Collecting Bank regarding the physical instrument?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
Share:
- 1To ensure the Magnetic Ink Character Recognition (MICR) code is physically altered before clearing.
- 2To scan the front and back of the physical cheque and send the electronic image and data to the Clearing House.✓
- 3To act as the Custodian of the physical cheque for a minimum period of ten years.
- 4To keep the physical cheque in circulation until it reaches the drawee bank.
Correct answer
To scan the front and back of the physical cheque and send the electronic image and data to the Clearing House.
Download Single Question PDF
Save this question and verified answer as a clean study sheet with live clickable link.
👥
Share with Friends & Study Groups
Challenge your peer aspirants on WhatsApp or Telegram to solve this question!
Online Test Series
Preparing for Banking?
Practice full-length Banking mock tests with real exam timers, instant score analysis, and all-India ranking.
Chapter Practice
Practice Cheque Truncation System MCQs →Want more practice questions on Cheque Truncation System?
Solve complete topic-wise tests with detailed solutions on GkGet.
Related Practice Questions
Recommended practice questions in Banking · Cheque Truncation System