Cts 2010 is the standard prescribed by the rbi recently for cheques issued by all. Of late you must have noticed advertisements in newspapers put up by banks urging account holders to stop circulating non cts compliant cheques and replace their old cheque books with new cts. The move to replace cheques with instruments that meet the new cheque cts 2010 standard comes with benefits for banks and customers. As per the direction of reserve bank of india rbi, non cts 2010 cheques will be withdrawn by 31st march 20. Rbi extends cheque upgradation deadline till march next year 14 dec, 2012, 01. These are managed by the rbi, state bank of india and other public. To meet the objective, sbi has asked all its branches to issue only with.
Cts 2010 introduced some standards and security features such as quality of paper, watermark, filed placements, banks logo in invisible ink, void pantograph, etc. Cheque truncation system cts 2010 standards bankbazaar. Just a matter of info for all other readers sbi shall be charging such cheques with rs. I fail to understand sbis motive to earn from such mode, from the general public for savings.
Everything you need to know about cts 2010 cheques banking basics hdfc bank. So customer who hasnt get the cts 2010 standard cheques are requested to get the. This means that there will be no physical movement of the cheque but rather an. State bank of india would also need capital, he said. The author is a banking analyst and he writes for moneylife under the penname gurpur. Cts 2010 compliant cheques latest breaking news, pictures, videos, and special reports from the economic times. The state bank of india, for instance, has put a notice on its website which says, as per rbi directives.
Life insurance health insurance motor insurance other risk covers. Sbi is arranging to send these new series of cheque books to its. Indias largest lender the state bank of india sbi will implement the cheque truncation system cts 2010, the new standard of cheques as mandated by the reserve bank of india. Cheque truncation system cts, an online imagebased clearing system for faster clearing of cheques in india. This system is followed for clearing cheques in an errorfree, fast and hasslefree manner. Sbi has asked all its branches to issue only with uniform features conforming to. Cts 2010 standard cheques blogs, comments and archive news on. Cheque truncation system, abbreviated as cts, is nothing but an electronic verification procedure using imagebased processing. The number of cheque leaves in the multi city payable at par cts2010 standard cheque books will be as under. Cheque truncation system cts or imagebased clearing system ics, in india, is a project of the reserve bank of india rbi, commenced in 2010, for faster clearing of cheques. Every bank customer is expected to obtain new cheque books from their. New format cheques from jan 1 the hindu businessline.
However, most banks started issuing cts cheque books from midseptember. If you are still in possession of nonctc cheque books, then it is in your own interest to get those replaced with cts2010 standard cheque books latest by december 31. State bank of india sbi, the countrys largest lender, came out with an advertisement in all major national dailies on 5 november, stating that it will issue a new set of cheque book to its. Indian bank charges rupees thirty for one cts 2010 cheque book, from customers. Bank customers do not need to discard their non cts 2010 standard cheque books in a hurry to get their multicity cts 2010 standard cheque leafs. Cts 2010 standard paper doesnt glow under ultraviolet light. The cheque presented the cheque in sbi,branch namesbi ccpc,chd. As of now the banks in india are using different formats for their cheque leaves mainly for branding, identification, security features etc. Otherwise, cts 2010compliant cheques are designed uniformly in. Everything you need to know about cts 2010 cheques.
If you are still in use of nonctc cheque books, then it is in your own interest to get those replaced with cts 2010 standard cheque books latest by december 31. If you are still in possession of nonctc cheque books, then it is in your own interest to get those replaced with cts 2010 standard cheque books latest by december 31. From january 1, it will be mandatory to use only new cheque leaves that. Cts 2010 standard cheque introduced for standardization of security features and easy processing. In case if your cts 2010 cheque book, you must obtain a new cts complied cheque book, and surrender the noncompliant one to the bank. Krishna has collected cts2010 standard and old bank cheques of.