Banking · Cheque Truncation System
What is the primary purpose of the Cheque Truncation System (CTS)?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1To limit cheque usage to only local banks.
- 2To allow only electronic transactions, eliminating paper cheques.
- 3To clear cheques electronically based on their images, without physical movement.✓
- 4To physically move cheques between banks for clearance.
Correct answer
To clear cheques electronically based on their images, without physical movement.
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