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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 

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