Operational Aspects of Handling Clearing / Collection / Cash
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1986?
MICR clearing introduced at the four metros (Mumbai, Chennai, Calcutta, Delhi) — encoded MICR band for machine reading.
1 Feb 2008?
CTS launched in NCR (National Capital Region) — first grid.
2010?
Chennai grid operationalised; CTS-2010 cheque-standard issued by RBI.
2013?
Western grid (Mumbai) rolled out — CTS becomes pan-India.
April 2021?
CTS extended to all clearing locations in the country — pre-existing MICR/non-MICR Cheque Processing Centres (CPCs) merged into one of the three grids.
1 Sep 2020?
Positive Pay System (PPS) announced by RBI; effective 1 Jan 2021.
ECS Credit — Mechanism / Typical Use?
Mechanism: One payer many receivers. A single account is debited; multiple receiver accounts at member banks are credited.; Typical Use: Salary, dividend, pension, interest payouts.
ECS Debit — Mechanism / Typical Use?
Mechanism: Many payers one receiver. A single beneficiary account is credited; multiple accounts at member banks are debited.; Typical Use: Utility-bill, EMI, SIP, insurance-premium collections.
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