Alankit Limited has been appointed as an agency by NSDL Database Management Limited (NDML) for implementing and managing Paper to Follow (P2F) Process for Cheque Truncation System through its wide network of offices.
The P2F process, a vital part of the Cheque Truncation System (CTS), is an initiative of National Payments Corporation of India (NPCI) to compress the clearing cycle to provide faster clearance of cheques. In order to maintain the smooth functioning of CTS, NPCI has proposed to adopt the agency arrangement basis to handle the P2F process at each of the Grid CTS centres on behalf of NPCI. Alankit Limited will offer the service across 36 locations of India where member banks of the local clearing house will be present to execute the P2F session. Even if the presenting bank has no P2F cheques to handover, the physical presence of the bank representative is required to receive P2F cheques from other banks.