New RBI guidelines for Cheque TruncationPosted: November 28, 2012
The Reserve Bank of India (RBI) has prescribed new guidelines on standardization of security features of cheques, which are aimed at enhancing customer safety and facilitating easier processing.
Please note that as per RBI guidelines, non CTS-2010 cheques should be withdrawn before December 31, 2012. Please go through the FAQs below to:
• Identify whether your existing cheque book is CTS-2010 compliant
• Request for a new cheque book, if required
Also, please note that RBI has advised all banks holding post-dated EMI cheques to arrange for replacement of non-CTS-2010 Standard cheques with CTS-2010 Standard cheques. If you have availed a loan and have given post dated cheques to your lending bank, do get in touch with them for advice on the next steps.
Should you have any other query, you can check with your existing Banker.
Frequently Asked Questions (FAQs) for CTS-2010 Standard Cheque System
Q1. How do I identify if my cheque book is CTS-2010 compliant?
Please look for the letters “CTS-2010″ printed vertically on the cheque leaf (near the perforation on the left side)
If the letters “CTS-2010″ are present here, your cheque book is CTS-2010 compliant
Q2. My cheque book is CTS-2010 compliant and the above feature is present in my cheque book. What do I have to do?
If your cheque book is already CTS-2010 compliant, you can continue using the same and there is no further action required.
Q3. My cheque book is not CTS-2010 compliant. How do I order a new cheque book?
In case your cheque book is not CTS-2010 compliant, please order a new one with your existing Banker as per the regular process. All cheque books issued now, will be CTS-2010 compliant