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Understand What CTS Is


Cheque Truncation System (CTS) is a method of clearing checks electronically rather than physically processing the cheque as it travels to the paying bank branch. The Reserve Bank of India (RBI) has taken this move to expedite cheque clearing. CTS came to action in New Delhi, Chennai, and Mumbai on February 1, 2008, September 24, 2011, and April 27, 2013, respectively. The old MICR-based check processing has been halted across the country following the transfer of the entire cheque volume from the MICR system to the CTS. 


Cheques collection:

Cheques are collected from customers and delivered to their corresponding service branch at a predetermined time.

Data Collection:

The service branch captures the data (such as MICR code, check number, amount, etc.) and captures pictures of a cheque using their Capture System (which includes a scanner, core banking or CTS application) and fulfills the specifications and standards for data and image. After the required information of the check is safely sent to the Clearing House Interface (CHI), the actual clearing settlement occurs from CHI to CH.

Data Security:

End-to-end Public Key Infrastructure (PKI) has been deployed in CTS to assure data security, safety, and non-repudiation. However, as part of the requirement, the collecting bank (presented bank) delivers the signed and encrypted data and collected pictures to the central processing facility (Clearing House) for transmission to the paying bank (destination or drawee bank).

CHI and Presentation Clearing:

For the purpose of participation, the presenting and drawee banks are given an interface/gateway known as the CHI, which allows them to connect and communicate data and pictures to the Clearing House securely and safely (CH). The Clearing House analyzes the data, calculates the settlement amount and sends the pictures and other data to the drawee banks. This is known as presentation clearing.

The payment process and Completion of the cycle:

The drawee banks receive the pictures and data through their CHIs from the Clearing House for payment processing. The drawee Cheque Truncation System also creates the return file for any unpaid instruments. The return file/data submitted by the drawee banks are processed by the Clearing House in the return clearing session in the same way as presentation clearing, and return data is delivered to the presenting banks for processing. Once the presentation clearing and associated return clearing sessions are properly handled, the clearing cycle is considered complete.


The benefits to the customers of the bank can be summarized as follows:

  1. The clearing cycle is now shorter.
  2. Process of verification and reconciliation that is superior
  3. There are no geographical limitations to jurisdiction.
  4. Banks and consumers both benefit from operational efficiency.
  5. Reduced operational risk, as well as the hazards associated with paper clearance
  6. There are no collection fees for cheques drawn on a bank within the grid.

Banks and customers should utilize “CTS 2010” cheques, which are more image-friendly and enhanced security measures. Customers can ask/demand that their banks provide them with “CTS 2010” compliant cheque formats. They should select image-friendly coloured inks when writing cheques and prevent revisions or edits. In the case of any changes or corrections, a new cheque leaf should be used because the check will be cleared using an image-based clearing method.

Banks should use caution when affixing stamps to cheque forms so they do not interfere with important information such as the date, payee’s name, amount, and signature. The usage of rubber stamps, for example, should not overpower the clear presentation of these key picture components. All vital characteristics of a cheque must be recorded in an image during the scanning process, and banks and clients must take proper precautions in this respect.


A cheque truncation system encourages the electronic processing of a check using Magnetic Ink Character Reader (MICR) data and a scanned picture. There is no need for a physical check. You can get in-depth information and understanding about CTS in our online banking course. Aspiring Banker’s Postgraduate Certificate in Retail Banking course is all you need to get ready for banking sector.

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How to get job in private sector banks?

Planning a career in banking ensures you stability in finances and job. The growing enthusiasm for private banks and the associated jobs allow budding bankers to develop their passion for banks. Seeking a bank job requires knowledge and guidance about the eligibility and application process, and we are here to help you. This article will give you in-depth knowledge about how to get a job in private banks and different aspects respectively. Let’s dive into the private bank jobs. 

Private Banks are developing quicker in India than Public Sector banks. Aspiring candidates for private banks could go through different banking courses accessible and get an additional edge over the others during recruitments. They ought to comprehend the recruitment process of various private banks. This information is compiled in this article thoroughly.

What do you need to know about Qualifications?
-A more significant part of private banks require candidates who have earned their four years degree. You ought to be cautious while picking your graduation subjects after 10+2 as most banks typically favor a degree in finance, accounting, business, or economics. Consider chasing after advanced education or gaining certificates in banking-related subjects to work on your possibilities of getting into private banks and procuring a more significant salary. 

An MBA in banking, for instance, can assist you with getting recruited for high banking positions. You could get a diploma in banking to assist you with propelling your job. On their work entries, most commercial banks post their employment opportunities. You can likewise glance through bank vacancy pages. Each bank work has its arrangement of qualification necessities. A few positions require a secondary school diploma, while others might request an MBA or other related post-optional instruction. 

What is the basic Recruitment process in Private Banks?

-Numerous commercial banks conduct a test to evaluate your general aptitude capacities. A group discussion and an interview typically trail this. The recruiting system contrasts starting with one bank and then onto the next. One bank might incline toward candidate psychometric profiling, while another may favor a group discussion. Thus, visit the sites of each bank to study their employment procedures. Many private banks will believe you should sign a bond for one to two years. A candidate cannot leave before the bond is finished. Before marking the service bond, read the agreements.

How will Aspiring Bankers make you bank-ready?
-These days the banking sector is providing a high amount of employment, justifying why it is known as the backbone of the Indian economy. Many passionate candidates aim to ensure their careers in the banking sector. We are determined to guide them to success by teaching the following crucial factors that will help you get your desired job in a private bank.

  • Hacks to crack the Interview:
    Confidence is the backbone of a candidate during an interview. Candidates need to introduce themselves before the meeting board to persuade the board about their capacities to turn into the essence of the bank like they can manage the clients effectively and be a valuable asset. We secure our strengths by making you learn essentials like the most effective 31 questions in an interview and see you shine with confidence and knowledge. The preparation, strategy, and hacks will land you a job in private banks in the present scenario, and we, through our course, teach you for ultimate success.
  • The guidance of Experts:
    Gursimran Singh Oberoi, an engineer by profession and an entrepreneur by passion, established the one-of-a-kind online banking platform that trains fresh graduates to be employed explicitly in banks. He is the founder and managing director.” I feel that rather than theoretical learning, education shall be knowledge-based. Hence I came up with a solution; Aspiring Bankers, where we train young graduates and get them ready to work in the Banking Industry.” His vision is supported by experienced bankers like Jasbir Singh, Retd General Manager Oriental bank of commerce.
  • Analysis of the banking Sector at present:
    The interested applicants who need to desire private banks need to comprehend that these banks are searching for splendid and skilled candidates with a futuristic approach and are devoted to building the bank’s interest. Resume building and learning secrets are also essential to grow professionally and financially in private banks. To know more on how to get a job in private sector banks, click here.We wish you the very best in your banking journey.
Indian Banking Industry

How has the Indian banking Sector evolved during the last decade?

India’s banking sector has gone through a paradigm shift in the last few years. The ever-changing and evolving banking industry has played an essential role in the growth and development of the Indian economy. The changes and the shifts in this industry are asset quality, technology, and regulations. 

From physical banking services, including customer walk-ins and face-to-face interactions, to digital anchors (including new age contactless technologies), the Indian banking sector has seen a lot.The Indian banking system has commercial banks consisting of public, scheduled, non-scheduled, regional, private, rural, and cooperative banks. 

There are 27 public sector banks, 49 foreign banks, 21 private sector banks, 56 regional rural banks, 1526 urban cooperative banks, and 94,384 rural cooperative banks with cooperative credit institutions. The Banking Companies Act of 1949 defines the entire banking system in India.

To make our readers well-informed about the changes taking place in the banking sector, we are here with a clearer picture of how the Indian banking sector has evolved over the last few years.

The Changing Scenario

According to the Reserve Bank of India (RBI), India’s banking sector is sufficiently capitalized and well regulated. Moreover, the Indian banks have also survived the global recession. Further, the digital revolution has played a crucial role in building and shaping India’s banking sector. It has helped to promise unparalleled customer experiences and ensure extraordinary gains in productivity. 

The digital payment systems in India have also evolved with Immediate Payment Service (IMPS), which helps in faster payment methods. Especially if we study the post-demonetization period, the finance industry has witnessed a significant shift towards digitization, and now the stakeholders are fully equipped in using the technology diligently. The undergoing changes are leading to the revolution of this industry in the last few years and have been witnessing determined growth and an array of benefits.

With every phase, the Indian banking sector has adapted and diversified itself to make its customer’s financial needs easier and smoother to grow the global financial economy.

Are you a banking aspirant trying to start your career as a professional banker but cannot do it?

Aspiring Bankers have brought a solution for you with their online banking certification course. We provide self-paced and well-researched online banking courses with 100% placement assistance. Enroll Today!

The Driving Economy 

Over the years, banks in India have transformed the financial landscape and growth. The Indian banking system keeps the country’s economy afloat in the present scenarios. The Demonetization of the currency notes in 2016 is one of the prime examples. The existing currency notes were wiped out overnight, throwing the entire nation into chaos. The banks helped the economy regain and recover from the shock by allowing people across the nation to exchange invalid banknotes.

With India’s continuously evolving banking industry, the ability to provide robust support to the nation’s financial development also increases.

The Recent Development – Financial Inclusion 

Financial Inclusion is the availability and equality of opportunities for accessing financial services like banking. It is the primary key to driving any country’s economic growth and development. 

In pursuance of the RBI, the Indian Government is actively trying to propagate financial inclusions through various schemes. These government-run schemes are formed to enhance the outreach of financial services in India. Some of the schemes include –

  1. Pradhan Mantri Jan Dhan Yojana (PMJDY)
  2. Atal Pension Yojana (APY)
  3. Pradhan Mantri Vaya Vandana Yojana (PMVVY)
  4. Stand Up India Scheme
  5. Pradhan Mantri Mudra Yojana (PMMY)
  6. Pradhan Mantri Suraksha Bima Yojana (PMSBY)
  7. Sukanya Samriddhi Yojana
  8. Jeevan Suraksha Bandhan Yojana

The Emergence in the Use of Technology Based Services

Technological advancement is another important element leveraging the enhancement and productivity in the Indian Banking Sector. In 2002, Core Banking Solutions (CBS) was adopted for incorporating sophisticated technological solutions. It was an important step taken for the technological advancement of the Indian banking sector. 

This solution has contributed to the bank-to-client interactions and has also helped calculate penalties, interests, maturity, etc. After 2011, technological integration has raised the customer experience with the digital age. Here are a few current digitally-enabled and government-approved banking platforms, such as –

  1. Unified Payment Interface (UPI)
  2. National Unified USSD Platform
  3. Bharat Interface For Money (BHIM)
  4. Aadhar Enabled Payment System

The Merging of the Banks 

One other change in the banking sector in India is its structural change. The Indian Government is more focused on reducing the number of publicly owned banks by announcing mega-mergers. Thus, the number of public sector banks has been reduced from 27 to 12. We are here mentioning a list of public sector bank mergers until April 2020 –

  1. In April 2019, Vijaya Bank and Dena bank merged with Bank of Baroda.
  2. The 6 SBI associates and Bhartiya Mahila Bank merged with the State Bank of India.
  3. From April 1st 2020, the United Bank of India and Oriental Bank of Commerce were merged with Punjab National Bank. (It made them the second largest public sector bank in India)
  4. With effect from April 1st 2020, the Syndicate Bank got together with the Canara Bank.
  5. Allahabad Bank merged with the Indian Bank on April 1st, 2020.
  6. With effect from April 1st 2020, Andhra Bank and Corporation Bank of India merged with the Union Bank of India.


Technology has not only been the only transforming factor in the Indian banking sector. It has also changed the customers’ perception and has worked on their better experience in this industry. The entire Indian banking system is undergoing rapid growth and transformation with emerging digital technologies. 

There are also many scopes for more digitization and improvement to gain the overall profitability and efficiency in the services in this sector. The pace at which the entire industry is changing with the technological advancements is making it possible, which was not feasible to achieve in the earlier times.


Indian Banking Industry

Why Should You Make a Career in the Banking Industry?

There always comes a time in the life of youngsters when they become highly confused thinking which career path is the best for them. This is completely natural as making a career choice is not easy as it appears since one gets fascinated by different career options available in a lot of industries. However, one should make his career in an industry for which he has a natural liking. 

If we talk about making a career in banking, it is a perfect option for those individuals who are good at numbers and would love to deal with people. Making a career in the banking industry is surely a very promising thing for young individuals. This is also due to the fact that the banking sector is a booming one and it offers a lot of good opportunities to the banking aspirants. 

Of course, everyone wants to earn well and have a satisfactory job in the end. This holds true in the case of the banking sector since it not only rewards you with great pay but also assures you of consistent growth. If you compare the starting salary of a banking professional with the other industries, it is pretty much satisfactory. So, you definitely get a good start when you join the banking industry apart from regular leaves and holidays in the entire year. 

Plus, anyone can join the banking sector irrespective of the study one has done before or the industry in which one was working. All you need to do is pass banking exams or get a professional banking certification and crack the interview. Job security is also something that concerns people but due to the zero recession effect on the banking sector, this also fades away in the minds of aspirants. In all, getting placed in banks not only secures your future but also rewards you with a happy financial, personal, and professional life. 

For further information on making a career in the banking industry, the following infographic will help you with the same and provide you with valuable insights into professional banking life.


Indian Banking Industry

Top 9 Banking Sector Myths Debunked

Cross-verify before you believe it! This statement holds true in all spheres of life, and if we talk about the professional world, the same applies there. Today, almost every industry faces newer myths around its processes which disrupts the faith of a common man towards an industry. 

These myths become even bigger and problematic when money is involved, making the banking sector one of the top myth favourites. So, let us throw light on some of the common myths prevailing around working in the banking sector and its processes. 

9 Banking Myths & Facts

Diabetes Myths - 10 Common Diabetes Myths

Myth 1: Online/Mobile Banking Exposes Sensitive Information 

Fact: This myth is not true since almost every bank today assures the best transaction security to its customers. However, it is extremely vital that customers educate themselves regarding the same. They should not leave any loopholes for the online exploiters i.e. they should follow bank guidelines strictly and not open any suspicious link that enables financial data access to exploiters.

Myth 2: Finance Degree is a Must for Working in Banks 

Fact: Just because the banking sector is all about financial numbers, it does not mean that one must possess a degree in finance if one aspires to be a banker. There are lots of bank course certifications that can make you eligible for working in the banking sector with respect to specific positions. For instance, India’s first e-learning bank portal Aspiring Bankers offers various banking course certifications that have got numerous individuals placed in leading Indian banks.

Myth 3: Top Banks offer More Security than Smaller Banks 

Fact: Just because your bank is a leading bank, it doesn’t mean you will be offered more transactional or financial security. The reason is every bank, irrespective of its size, has to take essential security measures which are needed for securing the financial details and transactions of its customers. Yes, leading banks do offer you more services but that has everything to do with enhancing your convenience/experience and not your financial security.

Myth 4: Working in Banks require On-the-Job Experience

Fact: Starting your career as a complete fresher is a common thing, and this holds true in the banking sector as well. If someone is looking for a career change, he/she must not skip the banking sector because of zero banking experience. Yes, there are skills and knowledge that make you perfect for a specific job but one can also learn while on the go after getting selected for a particular profile through banking certifications.

Myth 5: There’s No Career Progression in Banks

Fact: If you are willing to work hard and remain sincere in your work commitments, the banking sector has a lot to offer you on the plate. Apart from positional growth, one can also expect great financial progression. If you are working in a public sector bank, you’re entitled to promotions after you have successfully completed the required number of years for the same.

Myth6: Banks offer No Work-Life Balance

Fact: This myth is prevalent due to the fact that bank employees have to work extra at times to complete deadlines. However, this is a common working scenario in almost every industry. This does not make this myth true at all! Banks offer their employees regular leaves and family holiday packages whose expenses are completely borne by the banks, boosting the work-life balance of the employees eventually.

Myth 7: The Banking Sector is Male-Dominated

Fact: This myth is as false as it can get since every bank has a lot of women employees who have been working for years. If you take the example of Arundhati Bhattacharya, the ex-chairman of India’s leading public bank, State Bank of India, it clearly proves how much importance is given to women in the banking industry. If we talk about 2021, there would hardly be any department where women’s employment is not considered. One can even see females working in petrol stations and toll tax counters on the highways in India. Do we need to say anymore?

Myth 8: Digital Banking is Only for Young Account Holders

Fact: This is absolutely not true as digital banking is not restricted to young adults alone. This service is for every bank account holder, irrespective of his/her age. Such myths prevail citing the less ability of elders in using digital banking as compared to youngsters. However, using digital banking is extremely easy and such elders need not have too much technical expertise for the same.

Myth 9: Online Bank Courses is of No Use

Fact: This is not the truth as a lot of people have benefitted from online bank coaching and even got placed in top banks. In fact, online bank courses provide you with a lot of conveniences, especially where you can learn from anywhere anytime. If we talk about working individuals who want to make a shift in the banking sector, online coaching is probably the only thing that can make this dream of theirs come true. 

How to Keep Yourself Away from Such Banking Myths?

Myths can really take away a lot of your energy, focus, and time. Even worse, they can even make you act in a way that leads to your financial loss. Therefore, it is imperative to stay away from such myths through the following ways:

  • Do not trust every financial information/news that comes across your way, especially the ones that are forwarded on social media channels.
  • Keep yourself updated regarding the policies of your bank by visiting its website regularly and checking for any latest updates.
  • Listen to financial news daily so that you come to know of any major/minor changes that are happening or are about to happen in the banking sector in the coming future. 
  • Cross-verify the facts before you start to believe and act with respect to any news related to the banking sector and financial services by taking online search help or talking directly to bank representatives. 


These myths clearly tell us about the misinformation that is prevalent in society regarding the banking sector and its services. With the passing of time, new myths emerge in the market that can mislead people into making unwanted costly financial errors. 

So, it is essential to stop trusting any random financial news that emerges out of nowhere, especially the one that is not being discussed in society. Rather, one should take the above-listed preventive measures to keep the entire false financial information at bay, enhancing the account’s financial security eventually.