Under the cts system, the physical movement of cheques between banks will be elminated. Reserve bank of india has stated that the new directive introduced on cheque modifications is valid for cheque truncation system cts. It is now mandatory for banks to strictly issue standardised and enhanced new format of cheques called cts2010. As per rbi guidelines, after march 31, 20, noncts2010 standard compliant cheques will still be accepted for clearing but will be cleared at less frequent intervals.
Since rbi is now moving towards accepting only cts2010 standards compliant cheques, please note that the old noncts 2010 compliant cheques should not be used post 31st december, 2012. But for all regions, rbi had fixed december 31 as the last date for phasing out noncts cheque truncation system 2010 cheques. We request our customers to surrender their existing noncts2010 standard cheques at any of our branches on or before december 31, 20 and place a request for issuance of cts2010 standard cheques. Reserve bank of india has advised banks to withdraw noncts. Hence the rbi has clarified that clients outside ncr dont have to worry about the new directive. The procedure of disallowing depositors to collect the cheque book at the branch and insisting on dispatching the cheque book by courier after forcibly obtaining a declaration from the depositor that a dispatch. The reserve bank of india rbi has introduced a new format for.
Rbi extends deadline for cts 2010 cheques indian express. Annexure x a rbi circular on non cts 2010 instrument 51 51 annexure x b non cts clearing timings 51 51. So it is necessary for all to understand how your new cheque format looks like. The procedure of disallowing depositors to collect the cheque book at the branch and insisting on dispatching the cheque book by courier after forcibly obtaining a declaration from the depositor that a dispatch by the courier is at depositors risk is an unfair practice. If you have ordered your cheque books recently, say, a month ago, you may already have the new cheque leaves with you. Just check, whether your existing cheque book is cts compliant or you need to get a new cts complaint cheque book issued before 31st december 2012. Jun 15, 2015 you can request your bank to have it from the presenting bank.
All banks providing cheque facility to their customers have been advised to issue only cts 2010 standard cheques. No clearance of noncts compliant cheques from january. Banks shall not charge their savings bank account customers for issuance of cts 2010 standard cheques when they are issued for the first time, the central bank had said. The rbi asks banks to issue new cheque books only under the new format and gave them time till julyend to withdraw the old format cheques. Banks shall not charge their savings bank account customers for issuance of cts2010 standard cheques when they. 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. No non cts 2010 cheques will be encashed after this date. In case your cheque is not cts2010 compliant, you can request for a new cheque book by logging in to citibank online. International helpline 91446685 4555 or your relationship manager to request for a new cheque book. Login to citibank online and under the banking tab, click on link other banking services request cheque book. 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. In case the cheque leaves with you are not cts standard, please request for a new cts 2010 standard cheque. Following are the points to be remembered while shifting to the cheque truncation system. Cts2010 standard cheques will have letters cts2010 printed vertically on the cheque leaf near the perforation on the left side as shown in the image below.
Rbi has implemented the new cheque truncating system cts and from 1st january 20, only the new cts complaint cheques will be honored. All residual noncts2010 cheques with customers will continue to be valid and accepted in all clearing houses including. A copy of cheque, cts 2010 compliant may please be used in explaining the requirements to be filled for the cheque leaves that can be used for transaction from january 01, 20 onwards. Bank customers rbi new guidelines 2019 non cts cheques. Come april 20 and your old cheque books from your bank account in india will become void. We request our customers to surrender their existing non cts 2010 standard cheques at any of our branches on or before december 31, 20 and place a request for issuance of cts 2010 standard cheques.
You must obtain a cts2010 compliant cheque book on or before 31st march 20. Request through online banking phone banking numbers. Reserve bank of india rbi has instructed all banks to withdraw noncts standard cheque leaves from circulation by 31st december 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. One, in addition to the default site, the refurbished site also has all the information bifurcated functionwise. The timeline has been extended mnay times from 31mar20 to 31jul20 to 31dec20. How is cts 2010 will be different from earlier system of cheque clearance. Reserve bank of india has advised banks to withdraw non. But still cheque is widely used for mode of payment. Therefore, we recommend you to place a request for a new cheque book. Mar 18, 20 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 july 31, from march 31, 20. Dec 31, 2012 come april 20 and your old cheque books from your bank account in india will become void. Rbi to introduce panindia cts by sept 2020 to make cheque.
No noncts2010 cheques will be encashed after this date. Therefore, we recommend you to replace your non cts 2010 cheque book with a new cheque book at the earliest. Rbi has notified all banks to implement standardization and enhancement of security features of cheques. Dec 03, 20 identify whether your existing bank accounts cheque books are 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. The rbi is now planning to implement a panindia cheque truncation system from september 2020. Get ready to order new india cheque books times of.
Noncts compliant cheques shall not be processed for clearing with effect from january 1, 2019, pnb said in a notification. Rbi extends cheque upgradation deadline till march next year 14 dec, 2012, 07. In case if your cheque book does not reflect the aforementioned details you must obtain a new cts complied cheque book at the earliest, and surrender the noncompliant one to the bank. Dec 16, 2012 you must obtain a cts 2010 compliant cheque book on or before 31st march 20. As rbi is moving towards accepting only cts 2010 compliant cheques, noncts cheques should not be used post 31st march, 20. Nris, get ready to order new india cheque books the economic. Dec 15, 2012 rbi has notified all banks to implement standardization and enhancement of security features of cheques. 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. Offering cheque truncation system cts is a step in this direction.
Bank has been issuing cts2010 standard compliant cheque books to. This shall ensure that the feel of cheques is uniform across banks. The following are some of the features of cts 2010 standard cheque. Aprrox 75 to 80 percentage of transaction in a bank is through cheques, due to this rbi wants fast clearing process of cheque hence introduced cts. As per reserve bank of india rbi guidelines, cheque books issued by banks need to.
Cts2010 standard cheque book issued to the customers will have cheque leaves with letters cts2010 printed vertically on the cheque leaf near. 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. Go to your bank branch and request for a new cheque book or order one online. Rbi working group report on cheque truncation and echeques earlier in introduction section. Ensure you use a cts 2010compliant cheque, and know the types of cheques for. As per rbi guidelines, after march 31, 20, non cts 2010 standard compliant cheques will still be accepted for clearing but will be cleared at less frequent intervals. As per rbi directives, periodicity for processing noncts cheques in cts. Dec 19, 2018 so, better hurry up if you havent got your old cheque books replaced with cts2010 standard cheque books.
As rbi is moving towards accepting only cts 2010 compliant cheques, non cts cheques should not be used post 31st march, 20. Check your current cheque book is it valid new cts. Cheque truncation system notified documents npci national. Cheque truncation system new benchmark for cheques in banks. Rbi says new directive on cheques applicable only on cts. How do i know if my present cheque book is cts2010 standard compliant.
Banks shall not charge their savings bank account customers for issuance of cts2010 standard cheques when they are issued for the first time. You can also request for a new cheque book through dbs atm or internet banking. The reserve bank of india rbi has introduced a new format for cheques, the cts2010 standard as part. 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. According to a reserve bank of india rbi report, indias cheque volumes. The benchmark prescriptions are collectively known as cts 2010 standard. Instruments not complying with cts2010 standards will be cleared once a. So, better hurry up if you havent got your old cheque books replaced with cts2010 standard cheque books. Rbi guidelines on standardization of security features for cheque leaves, referred.
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. Cts will eventually replace micr system of cheques in the entire country. The central bank is taking measures to clear the air on the confusion caused by its new directive on cheques called, cts2010 standards for cheques. Cts2010 is a standard benchmark recommended by rbi for the standardisation of. Cheque truncation system cts explained bankexamstoday. Procedural guidelines for cheque truncation system cts. Cts 2010 standard cheque book issued to the customers will have cheque leaves with letters cts 2010 printed vertically on the cheque leaf near. 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. The clearinghouses in other regions use the micr code system for cheque clearing. April 14, 2015 dear all welcome to the refurbished site of the reserve bank of india. Cheques not complying with cts2010 standards will be cleared at less frequent intervals i. Request you to make a note that non cts compliant cheques would not be accepted by banks for clearing post 31 july 20.
Apr 19, 20 rbi has advised all banks to issue only multicitypayable at par cts2010 standard cheques and withdraw noncts2010 standard cheques by july 31, 20. You can request your bank to have it from the presenting bank. Cheque book issued prior to december 2010 is noncts compliant. There is a new standard in banking called as cheque truncation system or cts 2010, which all the banks have to follow now. Sample cheque as per the guidelines issued by reserve bank of india rbi, cheques books issued by the bank needs to be compliant with cheque truncation system cts 2010 standards. Customers may request insist their banks for cheque forms that are compliant with the cts 2010 standard. New cts cheque contains information of printer where they are printed along the words cts2010 mentioned along the area where we tear off the leaf from the cheque book. The homogeneity in security features of cts 2010 cheques will act as deterrent against frauds, and the fixed field placement specifications facilitate straightthroughprocessing at drawee banks end through the use. Cheques not complying with cts 2010 standards will be cleared at less frequent intervals i. A reproduction of the sample cheque available on rbis website. Rbi has introduced a new format for cheques, the cts2010.
At present, when you issue a cheque to someone, he has deposit the cheque in his bank to get credit. If you have availed a home or auto loan and issued postdated. Please note that non cts 2010 standard cheques will not be valid after july 31, 20. As per guidelines, non cts2010 cheques issued by bank in india will be.
Thus, it is considered as the major landmark in the indian banking industry. Identify whether your existing bank accounts cheque books are 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. Payment and settlement systems, central office, reserve bank of india, mumbai before 10th of the succeeding month 1. Federal bank has been issuing only cts 2010 standard cheque books to our customers since april 1, 2012. Jan 12, 20 8 boxes to write the date in ddmmyyy format. 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.
Sep 03, 2012 it is now mandatory for banks to strictly issue standardised and enhanced new format of cheques called cts 2010. Post dated cheques issued by you and due after 31st march 20, needs to replace by cts 2010 compliant cheques. Those who have given non cts 2010 cheques for paying their car or home loan emis must resubmit cts 2010 standards cheques before. Simple guide for customers to identify if their cheques are cts. They should preferably use imagefriendly coloured inks while writing cheques and avoid any alterations corrections thereon. Tips to replace non cts2010 compliant cheques 22 apr, 20, 03. Cheque truncation system cts cheque printing software. And you must do it latest by december 31, 2018, if you dont want your cheques to. All banks providing cheque facility to their customers have been advised to issue only cts2010 standard cheques. Important notification from rbi regarding cts2010 standard.
The benchmark prescriptions are collectively known as cts2010 standard. However, banks had been advised by rbi to not charge a customer for the new cts2010 standard cheque while issuing it for the first time. Procedural guideline for cheque truncation system jul 27, 2018 chennai bankers clearing house cbch procedural guidelines for cheque truncation system cts version 2. Please sign above is mentioned on cheque leaf on the lower righthand side. If the above letters are present, your cheque book is cts2010 compliant 5. Bank customers do not need to discard their noncts 2010 standard cheque books in a hurry to get their multicity cts2010 standard cheque leafs. Barman, to interalia suggest an appropriate model for cheque truncation in india. Cheque forms known as cts2010 as per rbi circular dated 22nd february 2010. Rbi vide its circular dated september 3, 2012 has now advised banks to withdraw non cts 2010 standards cheques in circulation before december 31,2012.
Also already circulated cheques will be replaced within 31st december 2012. One should be using cts 2010 compliant cheques issued by bank from 1st april 20. 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. All cheques shall carry a standardised watermark, with the words ctsindia which can be seen when held against any light source. Presently cts is being used in the clearinghouse of rbi based in the national capital region ncr. Cheque books not containing cts2010 cheque leafs are called. Recently rbi notified all banks to achieve standardization and enhancement of security features of cheques in order to migrate to cheque truncation system cts 2010 standards by year end. Based on the progress made by banks in compliance to cts scheme, on july 16 th 20, rbi has extended the use of old non cts cheque up to december, 20. If you are still in possession of nonctc cheque books, then it is in your own. Nov 29, 2012 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. It might happen that your cheques start bouncing and do not get accepted from jan 1, 20. If you have availed a home or auto loan and issued postdated cheques instead of opting for direct debit, you need to replace such postdated cheques with the cts2010 compliant ones after march 31, 20. Rbi has said that cts would be introduced from 1 december 2010.
However, banks had been advised by rbi to not charge a customer for the new cts 2010 standard cheque while issuing it for the first time. For this reason the presenting bank has to retain such cheques with them for a period of 10 years. As per reserve bank of india rbi guidelines, cheque books issued by banks need to be compliant with the cheque truncation system cts2010 standards. Request you to make a note that noncts compliant cheques would not be accepted by banks for clearing post 31 july 20. Return request file 27 28 return pro cessing at chi 28. Please look for the letters cts2010 printed perpendicularly on the cheque leaf near the perforation on the left side as shown in the image. The following are some of the features of cts2010 standard cheque. In this regard, we wish to inform that the cts2010 standard cheque book issued to the customers will have cheque leaves printed with words cts 2010 on each of the cheque leaf. It is rbi effort due to which customer payment in india is in near real time in the form of rtgs and neft. Mos rbi has issued directions to certain banks for referring 12 accounts to initiate insolvency process under the insolvency and bankruptcy code, 2016. If the letters cts2010 are present here, your cheque book is cts2010 standard compliant. Cts2010 standard paper should not glow under ultraviolet uv light i. This directive has come in order to migrate to cheque truncation system cts 2010 standards by year end i.
Can you please mail me a scanned copy of the latest cheque leaf that is compliant with cts 2010. Use of dark colored ink to write or print on cheques. Rbi vide its circular dated september 3, 2012 has now advised banks to withdraw noncts 2010 standards cheques in circulation before december 31,2012. Rbi has advised all banks to issue only multicitypayable at par cts2010 standard cheques and withdraw noncts2010 standard cheques by july 31, 20. We are glad to inform that axis bank has started issuance of cts 2010 cheque book post august 2011. Date with effect which the bank has commenced issuing cts 2010 standard cheques across all branches. Get your noncts cheque book replaced immediately, it said. Nov 29, 2012 cheque truncation system cts or imagebased clearing system ics, in india, is a project undertaken by the reserve bank of india rbi, for faster clearing of cheques. Please note that non cts2010 standard cheques will not be valid after july 31, 20. One can find this symbol where we write amount in figures. Procedural guidelines for cheque truncation system cts version 2.
Sbi home branch and requested for the new cheque book over the counter. Reserve bank of india procedural guideline for cheque. However, banks may continue to follow their existing policy regarding cheque book issuance for additional issuance of cheques, in adherence to their accepted fair practices code. Will my old cheques that are not cts2010 still work. Cts2010 standard cheques free book on indian stock market. Visit your nearest citibank atm and select option request a cheque book. Those who have given noncts2010 cheques for paying their car or home loan emis must resubmit cts2010 standards cheques before. Three things to know if you still use cheques livemint. As per rbi guidelines, non cts 2010 standard compliant cheques will be accepted for clearing up to july 31, 20. Rbi has issued a circular telling all banks that they should only process and accept those cheques which follow cts guidelines what is cheque truncation system or cts. Get ready to order new india cheque books times of india. In this regard, we wish to inform that the cts 2010 standard cheque book issued to the customers will have cheque leaves printed with words cts 2010 on each of the cheque leaf. As per rbi guidelines, now all banks have to issue cheques conforming to the cts 2010 standards with uniform features. Cts is basically an online imagebased cheque clearing system where cheque images are captured at the collecting bank branch and transmitted electronically.
1112 505 1425 1081 408 558 1000 1122 547 1312 1020 683 332 1241 268 63 713 132 1055 130 1255 559 136 1237 811 1035 815 1353 585 653 311 894 1175 160 723 749 105 132 607