What is the full form of CTS?

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    • Cheque Truncation System or Image Based Clearing System (ICS) in India, is a system developed for faster clearing of cheques. In the system the image of the cheque and Magnetic Ink Character Recognition (MICR) data are captured at the collecting bank branch and transmitted electronically. Apart from the speedy clearance of cheque it will also help to restrict the physical movements of cheque. The major hurdle to the ambitious plan are the existing IT systems of the banks.

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