Digital Transformation in Indian Banking: A Study of Cheque Trucation System and other Technological Advances

Abstract Implementation of Cheque Truncation System (CTS) in India by the Reserve Bank of India (RBI), the banking regulator of the country, has proven to be a revolutionary step in the history of digital transformation in Indian banking. CTS replaces the traditional paper-based cheque clearing with the most modern digital mode clearing. CTS is faster, efficient and more transparent. In the context of the ongoing measures of demonetisation (DeMo) and digital transformation in India by the RBI, the paper makes a closer look into the progress of CTS in India and suggests steps for more refinements in the system.