With reference to the CTS 2010 (cheque truncation system), consider the following statements:
1. CTS 2010 provides faster, more secure and more cost effective clearing of cheques
2. CTS cheques are payable at par at all branches of the originating bank
Which among the above statements is / are correct ?

Answer: [C] Both 1 & 2

This question is a part of GKToday's Integrated IAS General Studies Module