The Ankola Urban Co-Operative Bank LTD participates in the Cheque Truncation System (CTS) clearing process.
CTS Clearing (Cheque Truncation System): This is an online image-based cheque clearing system implemented by the Reserve Bank of India (RBI) to speed up the clearing of cheques. Physical cheques are no longer moved between banks. Instead, an electronic image of the cheque and its associated data are captured at the presenting bank and transmitted electronically to the paying bank for processing. This significantly reduces the time taken for cheque clearing, lowers costs, and minimizes the risks associated with the physical movement of paper cheques.
