CTS Full Form | Full Form of CTS
CTS Full Form - Cheque Truncation System
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Cheque Truncation System
- CTS stand for Cheque Truncation System.
- It's a project of reserve bank of India which was launched for faster clearance of cheques.
- It doesn't involve physical transfer of cheques from one bank to a different bank.
- It's basically an online image based cheque clearing system which uses cheque image to clear the cheque.
- A electronic image of the cheque along with MICR number is sent to the drawee bank from the drawer bank.
Types of Cheque
- The CTS was first launched in capital Region, New Delhi by reserve bank of India in February 2008.
- In September 2011, it had been launched in Chennai.
- In 2013, RBI decided from 1 August 2013 only CTS-2010 cheques would be accepted by the banks for clearance. Later, in July 2013, this deadline was extended to 31 December 2013.
Benefits of CTS
- It saves time, money and efforts involved in the physical movement of cheques.
- The cheques clear faster which results in better customer service.
- It improves the operational efficiency of banking system.
- It reduces the chances of fraud related to clearing of cheques.
- No fear of losing cheques in transit.
- No geographical restrictions.
CTS Full Form - Clear to Send
Clear to Send the Cheque Truncation System
- CTS stand for Clear to Send.
- It's a flow control signal or mechanism in RS-232 standard.
- CTS will indicate that a line or device is ready for data transmission.
- CTS signal is sent in response to RTS (Request of Send) flow control signal.
- The RTS signal is distributed by the sending device to inform the receiving end to get able to receive or set its CTS line when it's ready.
- When the receiving end is prepared to receive, it sends the CTS signal to inform the opposite end to send the data.
- Thus, CTS and RTS allow the receiver and the transmitter to alert each other before initiating the data transmission.