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Dec 17, 2012

RBI Delays Cheque Upgradation Deadline for 3 Months

Resmi Vijay


The Reserve Bank of India (RBI) extended the deadline to switch over to the new format standardised cheque until March 31. So bank customers can continue to use their old cheque leaves for three more months.

The RBI is phasing out old format Cheques to Cheque Truncation System (CTS)-2010, which carries mandatory minimum security features.

The inherent features of CTS cheques will act as deterrent against frauds. Also, the fixed field placement specifications facilitate easy clearance.

Banks were issuing CTS cheques to all its account holders to meet the initial deadline of December 31. New cheque books are issued from the cheque book issue centre of each bank through post.

The new CTS cheque will be ultra violet dull that means it would not glow under UV light and the feel of cheques will be uniform across banks. All cheques shall carry a standardized watermark with the words CTS-INDIA that can be seen against light. VOID pantograph is another feature that would be act as deterrent against colour photocopy or scanned colour images of a cheque.

The cheque will have logo printed with invisible ink and the background will be clutter free.