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A Operational aspects of clearing system
What is the Clearing House in the context of Indian banking?
A Clearing House is an arrangement under which member banks exchange cheques and other instruments drawn on each other and settle the resulting inter-bank obligations on a net basis.
What is the National Automated Clearing House (NACH) operated by NPCI?
Centralised web-based platform for bulk and repetitive interbank transactions.
Which organisation manages the cheque clearing system in India at the national level?
The National Payments Corporation of India (NPCI) manages cheque clearing through the CTS (Cheque Truncation System) grids.
What is the concept of 'truncation' in Cheque Truncation System?
Stopping physical cheque movement by transmitting its electronic image instead.
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