Lenders are encouraged to share the benefits derived from the MCIB with borrowers by reducing processing fees, charges and lending rates. (More on this issue) Cheque Truncation System In my last letter, I had regretted my inability to deliver on the Cheque Truncation System (CTS) which had got entangled in procedural difficulties.
This year, we took bold steps to steer this long-delayed project in the right direction. Amidst unfounded criticisms and baseless allegations of fraud and malpractice, the new system was set up in collaboration with commercial banks.