Features of Cheque Truncation System

• User friendly graphic user interface.
• Automated coding and endorsing of cheques.
• Encryption of data file before transmission to the clearing house or the service branch.
• Employs a unique transaction follower process to confirm the status of cheque.
• Improved and efficient settlement and prevention of fraud.
• Equipped with enhanced archival procedure that stores images and data facilitating report generation along with future enquiry.
• Alerts RMs in case of return of cheque due to insufficient funds.

How to fill in a cheque

RTGS System

The acronym 'RTGS' stands for Real Time Gross Settlement, which can be defined as the continuous (real-time) settlement of funds transfers individually on an order by order basis (without netting).

'Real Time' means the processing of instructions at the time they are received rather than at some later time. 'Gross Settlement' means the settlement of funds transfer instructions occurs individually (on an instruction by instruction basis). The payments are final and irrevocable.

The RTGS system is primarily meant for large value transactions. The minimum amount to be remitted through RTGS is 2 lakh. There is no upper ceiling for RTGS transactions.

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