Aadhar mandatory for opening bank account,large transactions

The Union government has made Aadhaar number mandatory for opening the bank accounts, as well as conductiong financial transactions of Rs.50000.00 and above.The  existing customers of banks who have not linked Aadhar number issued by the Unique Identification Authority of India (UIDAI) to their bank is now required to link the same before December 31,…

What is Cheque Truncation System?

The Cheque Truncation System (CTS) is basically an online Image-based Clearing System (ICS).  In this system of clearing, the collecting bank need not present the physical cheque to the drawee branch. The presenting bank captures the cheque images and Magnetic Ink Charecter Recognition (MICR) data from end to end precise scanners by using the Capture…