All chequebooks issued by the bank after aug 2011 are cts 2010 compliant. If the cheque book is not with cts2010 cheque leafs, they are referred to as noncts cheque books. Rbi extends cheque upgradation deadline till march next year 14 dec, 2012, 07. Check your current cheque book is it valid new cts.
Rbi has been taking steps to make cheque transactions smoother and faster. Thus, it is considered as the major landmark in the indian banking industry. Following are the points to be remembered while shifting to the cheque truncation system. 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. Come april 20 and your old cheque books from your bank account in india will become void. The reserve bank of india rbi in its statement on developmental and regulatory policies issued today has informed that the cheque truncation system cts, which is currently operational at the major clearing houses of the country will be made operational pan india by september 2020. Annexure xa rbi circular on noncts 2010 instrument 51 51. With the implementation of cheque truncation system cts from april 01, 20 the old passbooks issued by banks to its customers will become void. Banks customers should use cts 2010 cheques which are not only image friendly but also have more security features. Bank of india rbi has advised all banks to issue only cts2010 cheque.
What are the precautions required to be taken by the banks customers to avoid frauds. According to banking experts, cts2010 cheques have certain common security features and standardised field placements for enabling image based processing of cheques through optical image character recognition technology, which are absent in noncts cheques. Under the banking tab, click on the link other banking services request cheque book. In case your cheque is not cts2010 compliant, you can request for a new cheque book by logging in to citibank online. Indian bank charges rupees thirty for one cts2010 cheque book, from. Earlier, cheques deposited by customers used to be presented by the collecting bank to the paying bank over the counter of t. Get ready to order new india cheque books times of. 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.
Therefore, we recommend you to replace your noncts2010 cheque book with a new cheque book. This prohibition is applicable to cheques cleared under the image based cheque truncation system cts only. As per rbi guidelines, noncts2010 standard compliant cheques will be accepted for clearing up to july 31, 20. So if you are still holding a noncts cheque book, then you should ask your bank to issue a fresh cheque book. So it is necessary for all to understand how your new cheque format looks like. Noncts compliant cheques shall not be processed for clearing with effect from january 1, 2019, pnb said in a notification. Also already circulated cheques will be replaced within 31st december 2012. All customers who hold a cheque book issued by the bank prior to 31 march 2012, are requested to apply for a new cheque book as per the cts2010 standard at. Allottment of bank codes is centralised at the office of the chief general manager incharge, department of information technology, reserve bank of india, central office, shahid bhagat singh marg, mumbai400001.
Cts2010 cheques have certain common security features and standardised field placements for enabling image based processing of. Cts2010 standard cheques free book on indian stock market. Rbi has decided to launch this system and all banks across india are required to follow rbi guidelines in this regard. Your old cheque leaves may not be valid after march 31, 20, as the rbi has instructed all banks to implement the cheque truncation system cts across the. Cheque book issued prior to december 2010 is noncts compliant. Procedural guidelines for cheque truncation system cts version 2. Banks have been advised not to charge their savings bank account customers for issuance of. In earlier notification, rbi has instructed banks to implement the new cts 2010 from january 01, 20 which is now been postponed for 3 months. Rbi has notified all banks to implement standardization and enhancement of security features of cheques. Since rbi is now moving towards accepting only cts 2010 standard compliant cheques, please note that the old noncts 2010 standard cheque forms should not be used post 31 december 2012. Cheque truncation system cts cheque printing software. All cheques issued by banks including dds pos issued by banks with effect from the date of this circular shall necessarily conform to cts2010 standard. If you are still in possession of nonctc cheque books, then it is in your own.
Important message cts 2010 regulation applicable to. Rbi guidelines on standardization of security features for cheque leaves, referred to as cts2010 are aimed at enhancing customer safety and facilitating easier processing of cheques. Date with effect which the bank has commenced issuing cts2010 standard cheques across all branches. As per guidelines, non cts2010 cheques issued by bank in india will be withdrawn from circulation by march 31, 20. Cheque books not containing cts2010 cheque leafs are called. In order to bring efficiency in the cheque clearing, all cbs enabled banks have been advised to issue only payable at par multicity cts 2010 standard cheques to all eligible customers without extra charges with appropriate board approved risk management procedures based on risk categorization of accounts. One, in addition to the default site, the refurbished site also has all the information bifurcated functionwise. Cheque forms known as cts2010 as per rbi circular dated 22nd february 2010. Annexure x a rbi circular on non cts 2010 instrument 51 51 annexure x b non cts clearing timings 51 51. Rbi had asked banks to replace noncts 2010 compliant cheque books, but most banks are understood to be going slow. Use of dark colored ink to write or print on cheques.
Cheque truncation system cts is a cheque clearing system undertaken by the reserve bank of india rbi for faster clearing of cheques. Simple guide for customers to identify if their cheques are cts. Cts2010 cheque truncation system cheque is a new type of cheque introduced by reserve bank of india. Based on the progress made by banks in compliance to cts scheme, on july 16 th 20, rbi has extended the use of old noncts cheque up to december, 20. As per rbi guidelines, now all banks have to issue cheques conforming to the cts 2010 standards with uniform features. Cts2010 standard cheque introduced for standardization of security features and easy processing. Payment and settlement systems, central office, reserve bank of india, mumbai before 10th of the succeeding month 1. Cheques issued by any bank needs to be compliant with cheque truncation system cts 2010 standards, according to rbi reserve bank of india guidelines. The cheque truncation system cts is a process of stopping flow of physical cheque in which an electronic image of the instrument is presented when it comes. Reserve bank of india procedural guideline for cheque. Now use your old cheque book till 31st march 20 praveen unnikrishnan december 17, 2012 add comment reconsidering the date for the implementation of cts 2010, reserve bank of india rbi has extended the deadline to april 01st, 20. Bank customers rbi new guidelines 2019 non cts cheques. The reserve bank of india rbi on monday extended the deadline to migrate to newlook cheques cts2010 standard cheques with more security and standardised features to. Cheque issuing banks shall make all efforts to withdraw the noncts2010 standard cheques in circulation before the extended timeline of 31 july 20 by creating awareness among customers through sms alerts, letters, display boards in branchesatms, logon message in internet banking, notification on the website etc, rbi said.
This directive has come in order to migrate to cheque truncation system cts 2010 standards by year end i. Procedural guideline for cheque truncation system jul 27, 2018 chennai bankers clearing house cbch procedural guidelines for cheque truncation system cts version 2. Latest newsdeadline of 31st december 2012 is extended to 31st march 20 from rbi. The reserve bank of india rbi in its statement on developmental and regulatory policies issued today has informed that the cheque truncation system cts, which is currently operational at the. If your cheque book is issued prior to august 2011, you are requested to indent for a new cheque book to avoid any inconvenience. Rbi has implemented the new cheque truncating system cts and from 1st january 20, only the new cts complaint cheques will be honored. Everything you need to know about cts 2010 cheques banking. April 14, 2015 dear all welcome to the refurbished site of the reserve bank of india. Cts 2010 standard cheques will be cleared on all working days. Instruments not complying with cts2010 standards will be cleared once a month second wednesday of the month from september 1, 2018. It is not applicable to cheques cleared under physical exchange of instruments. Bank customers do not need to discard their noncts 2010 standard cheque books in a hurry to get their multicity cts2010 standard cheque leafs.
Indian banks will only accept cheque truncation system cts 2010 complaint cheques after 31 july 20 as per the latest rbi circular issued today which extends the last call given. Cheque truncation system cts is a cheque clearing system undertaken by reserve bank of india rbi that aims at reducing the time involved in cheque clearing to one day. Cheque truncation system basically helps in faster clearance of the cheques in the banking records. No clearance of noncts compliant cheques from january. So, better hurry up if you havent got your old cheque books replaced with cts2010 standard cheque books. All residual noncts2010 cheques with customers will continue to be valid and accepted in all clearing houses including. Rbi guidelines on standardization of security features for cheque leaves, referred to as cts2010 are aimed at enhancing customer safety and facilitating easier. 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. Its all about cts 2010 new cheque truncation system. Rbi has taken good initiative of cts it is now mandatory for banks to issue standardized form of cheuqes as per cts2010 standard guideline. Barman, to interalia suggest an appropriate model for cheque truncation in india. All the banks are now required to issue cts2010 cheques only. Procedural guidelines for cheque truncation system cts.
It is now mandatory for banks to strictly issue standardised and enhanced new format of cheques called cts2010. The rbi has extended the deadline of march 31 till july 31 for issuance of new cts cheque books books and withdrawal of all old format cheques, says a. One should be using cts 2010 compliant cheques issued by bank from 1st april 20. 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. As per rbi guidelines, after july 31, 20, noncts2010 standard compliant cheques will still be accepted for clearing but will be cleared at less frequent intervals. As per rbi, banks are advised to issue only cts2010 standard cheques to. Get your noncts cheque book replaced immediately, it said. As per the direction of reserve bank of india rbi, non cts2010 cheques will be withdrawn by 31st march 20. Identify whether your existing citibank account cheque book is cts2010 compliant request for a new cheque book, if required also, please note that rbi has advised all banks holding postdated emi cheques to arrange for replacement of noncts2010 standard cheques with cts2010 standard cheques.
Therefore, we recommend you to replace your noncts2010 cheque book with a new cheque book at the earliest. Banks, customers go slow in adopting new cheque book the. As per the negotiable instruments act, every cheque is required to be presented to the drawee paying bank for payment. Rbi new cheque cts 2010 guide line standardization and enhancement of security features in cheque formsmigrating to cts 2010 standards a. Rbi extended deadline for cts 2010 standard cheques.