Second Quarter Review of Monetary Policy 2010-11
-Announced on the 2nd November 2010
Developmental and Regulatory Policies
VI. Institutional Developments
Cheque Truncation System
135. The CTS was successfully implemented in the National Capital Region of New Delhi in February 2008. Following complete migration to CTS, the separate MICR clearing was discontinued from July 2009. The CTS, on an average, processes over 0.5 million instruments per day. The next roll out of CTS is planned for March 2011 at Chennai, with the project being implemented by the NPCI. The process of roll out will be a grid-based approach to cover the clearing houses in the other cities of Tamil Nadu and the adjoining states of Kerala and Karnataka. Simultaneously, efforts are underway to establish common disaster recovery (DR) arrangements for both New Delhi and Chennai CTS operations.
136. Banks were mandated to use Note Sorting Machines in all their branches having average daily cash receipts of `1 crore and above by March 2010. As of now, 1,108 branches (other than currency chest branches) have been identified having average daily cash receipt of `1 crore and above. Banks have reported that Note Sorting Machines have been installed and made operational in 669 branches. For the remaining branches, banks have made arrangements with the nearest currency chest branch/currency administration branch. It was also indicated in the Second Quarter Review of October 2009 that banks should use such machines in all their branches having average daily cash receipts between `50 lakh and `1 crore by March 2011. Banks are expected to enhance their efforts to reach this position by March 31, 2011.
137. As indicated in the Second Quarter Review of October 2009, banks were advised to have the responsibility of currency management entrusted to a nodal official of the rank not less than that of a General Manager and will be accountable for the obligations cast upon currency chests by the Reserve Bank. All commercial banks have since appointed nodal officers.
>>> GO TO FIRST PAGE
Second Quarter Review of Monetary Policy 2010-11 ... click here
Highlights of 2nd Quarter Review of Monetary Policy 2010-2011... click here
RBI CREDIT AND MONETARY POLICIES (1999-2011)... click here