Bank Cheques - Standardisation and Enhancement of Security Features - CTS 2010 standards
RBI had advised banks to issue only 'CTS-2010' standard cheques in a time bound action plan not later than September 30, 2012. However, RBI has observed that it is still not followed by many banks.
RBI has again advised the banks to follow the procedure to ensure the time-bound migration to CTS-2010 standard cheque formats.
1. Arrange to issue only multi-city/payable at par CTS-2010 standard cheques not later than September 30, 2012. A confirmation stating that necessary arrangements have been put in place for issue of CTS-2010 standard cheques across the country to be submitted by September 14, 2012.
2. Arrange to withdraw the non-CTS-2010 Standard cheques in circulation before December 31, 2012 by creating awareness among customers through SMS alerts, letters, display boards in branches/ATMs, log-on message in internet banking, notification on the web-site etc.
3. Banks holding post-dated EMI cheques (received either on their own behalf or on behalf of their NBFC clients) may arrange to ensure the replacement of non-CTS-2010 Standard cheques with CTS-2010 standard cheques before December 31, 2012.