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      Question

      What system is used to continuously clear cheques within

      hours instead of the traditional two-day period?
      A Fast Clearing System (FCS) Correct Answer Incorrect Answer
      B Instant Payment System (IPS) Correct Answer Incorrect Answer
      C Continuous Cheque Truncation System (CTS) Correct Answer Incorrect Answer
      D Rapid Clearing Network (RCN) Correct Answer Incorrect Answer
      E Quick Settlement System (QSS) Correct Answer Incorrect Answer

      Solution

      The RBI announced a measure for Continuous Clearing of Cheques under the Cheque Truncation System (CTS), allowing cheques to be cleared within hours┬а

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