The deadline for new cheques under the cheque truncation system cts 2010 has been extended till 31 march 20 by the rbi. Cts 2010 standard cheques will be cleared on all working days. Non cts 2010 cheques cheque truncation system will continue till december 31, 20,the reserve bank of india rbi said. 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. Rbi extends deadline for withdrawing noncts 2010 cheques. This requirement has come into effect from 01 april 2012 for northern and southern regions and for rest of the country from 30 september 2012.
All residual noncts2010 cheques with customers will continue to be valid and accepted in all clearing houses including. If you have ordered your cheque books recently, say, a month ago, you may already have the new cheque leaves with you. 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. Rbi new cheque cts 2010 guide line standardization and enhancement of security features in cheque formsmigrating to cts 2010 standards a. Rbi has advised all banks to issue only multicitypayable at par cts 2010 standard cheques and withdraw non cts 2010 standard cheques by july 31, 20.
Rbi extended deadline for cts 2010 standard cheques fingyan. 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. Will my old cheques that are not cts2010 still work. 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.
All chequebooks issued by the bank after aug 2011 are cts 2010 compliant. 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. If you have ordered your cheque books recently, say, a month ago, you may already have the new cheque. Rbi has extended deadline for the implementation of cts 2010. Earlier, cheques deposited by customers used to be presented by. So it is necessary for all to understand how your new cheque format looks like. Procedural guideline for cheque truncation system jul 27, 2018 chennai bankers clearing house cbch procedural guidelines for cheque truncation system cts version 2. 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. If your cheque book is issued prior to august 2011, you are requested to indent for a new cheque book. The benchmark prescriptions are collectively known as cts 2010 standard.
The reserve bank of india rbi on monday extended the deadline to migrate to newlook cheques cts 2010 standard cheques with more security and standardised features to july 31, from. All cheques issued by banks including ddspos with effect from the date of this circular shall necessarily conform to cts2010 standard, the circular said. Procedural guidelines for cheque truncation system cts. Cheque truncation system basically helps in faster clearance of the cheques in the banking records. Use of dark colored ink to write or print on cheques. Cheque printing software indian banks cts 2010 functional. Rbi extends deadline for withdrawing noncts 2010 cheques by. Identify whether your existing citibank account cheque book is cts 2010 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 non cts 2010 standard cheques with cts 2010 standard cheques. 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. No clearance of noncts compliant cheques from january. The reserve bank of india rbi in its statement on developmental and regulatory policies issued today has informed that the cheque truncation system cts. Cts is basically an online imagebased cheque clearing system where cheque. Get your non cts cheque book replaced immediately, it said. Its all about cts 2010 new cheque truncation system.
Can you please mail me a scanned copy of the latest cheque leaf that is compliant with cts 2010. Bank customers rbi new guidelines 2019 non cts cheques. In india, the rbi has made available interbank and customer payments online. Rbi extends cheque upgradation deadline till march next year 14 dec, 2012, 01.
Earlier, cheques deposited by customers used to be presented by the collecting bank to the paying bank over the counter of t. Cts2010 cheques have certain common security features and standardised field placements for enabling image based processing of. Nov 29, 2012 please note that as per rbi guidelines, non cts2010 cheques should be withdrawn before december 31, 2012. Cheque book issued prior to december 2010 is noncts compliant. Important message cts 2010 regulation applicable to cts. Cheques issued by any bank needs to be compliant with cheque truncation system cts 2010 standards, according to rbi reserve bank of india guidelines.
Cts2010 cheque truncation system cheque is a new type of cheque introduced by reserve bank of india. Cheque issuing banks shall make all efforts to withdraw the non cts 2010 standard cheques in circulation before the extended timeline of 31 july. As per the direction of reserve bank of india rbi, non cts2010 cheques will be withdrawn by 31st march 20. 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 by indian banks to customers to switch to new cheque books. Sbi is arranging to send these new series of cheque books to its customers at their last recorded address. Mar 15, 20 though the reserve bank of india deadline for issuing new cheques under the cts 2010 cheque truncation system is coming to an end on march 31, many banks are yet to provide the new series of.
Rbi has extended deadline for the implementation of cts 2010 to make banks and customers prepare for the same. Sep 03, 20 cheque truncation system cts, an online imagebased clearing system for faster clearing of cheques in india. Non cts cheque book issue branch can pay non cts cheque. Mar 18, 20 april 14, 2015 dear all welcome to the refurbished site of the reserve bank of india. It act, 2000 and the bankers book evidence bbe act, 1891, the legal framework was. If your cheque book is issued prior to august 2011, you are requested to indent for a new cheque book to avoid any inconvenience. Check your current cheque book is it valid new cts. Punjab national bank pnb has asked its customers to get their non cts compliant cheques replaced as these instruments will not be accepted for clearance in the banking system from january. Have you checked if your old cheque book is cts 2010 compliant. Nov 22, 2012 rbi has taken good initiative of cts it is now mandatory for banks to issue standardized form of cheuqes as per cts2010 standard guideline. With the implementation of cheque truncation system cts from april 01, 20 the old passbooks issued by banks to its customers will become void.
Cheque truncation system new benchmark for cheques in banks. As per rbi directives, periodicity for processing noncts cheques in cts. The reserve bank of india rbi has prescribed new guidelines revised guideline again on november 20 on standardization of security features of cheques, aimed at enhancing customer safety and facilitating easier processing. Rbi sets deadline for noncts cheque book are you holding one. Rbi to make cheque truncation system operational pan india. A majority of banks, including sbi and pnb, have already informed their. Sep 05, 2018 cheque truncation system reserve bank of india. If you have any cheque that does not conform to cts 2010 and pending encashment, you should not delay its encashment. Rbi has decided to launch this system and all banks across india are required to follow rbi guidelines in this regard. In december, the rbi had extended the deadline to convert to the new standard cts2010 by three months to 31 st march, based on the representations from stakeholders. It is now mandatory for banks to strictly issue standardised and enhanced new format of cheques called cts 2010. Mondays circular was issued following consultation from the industry body indian banks association and a few lenders. Banks shall not charge their savings bank account customers for issuance of cts2010 standard cheques when they are issued for the first time.
Everything you need to know about cts 2010 cheques banking. Identify whether your existing citibank account cheque book is cts2010 compliant request for a new cheque book, if required. Therefore, we recommend you to replace your noncts2010 cheque book with a new cheque book at the earliest. Cts 2010 cheque truncation system cheque is a new type of cheque introduced by reserve bank of india.
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. Cheque forms known as cts 2010 as per rbi circular dated 22nd february 2010. Banks, customers go slow in adopting new cheque book the hindu. Rbi extended deadline for cts 2010 standard cheques. 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. If yes, then you have to ask your bank to issue a cts 2010 cheque book soon. 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. Oct 03, 2018 as per the negotiable instruments act, every cheque is required to be presented to the drawee paying bank for payment. Ensure you use a cts 2010compliant cheque, and know the types of. Procedural guidelines for cheque truncation system cts version 2. As per rbi guidelines, noncts2010 standard compliant cheques will be accepted for clearing up to july 31, 20. Everything you need to know about cts 2010 cheques banking basics hdfc bank. All cheques issued by banks including dds pos issued by banks with effect from the date of this circular shall necessarily conform to cts 2010. The reserve bank of india on thursday said that cts, will be made.
Rbi guidelines on cheque books compliant with cheque. In addition, the bankwise volume of inward clearing instruments processed in the cheque processing centers will be monitored with respect to the cts 2010 non cts 2010 standard cheques presented on them. Dec 17, 2012 even after march 31st, 20 banks will accept your non cts cheques for clearance but the processing time for non cts cheque will be higher than cts 2010 cheques. As rbi is moving towards accepting only cts 2010 compliant cheques, non cts cheques should not be used post 31st march, 20. Non cts compliant cheques shall not be processed for clearing with effect from january 1, 2019, pnb said in a notification.
Noncts cheques to become invalid from january 1 goodreturns. Sep 03, 2012 it is now mandatory for banks to strictly issue standardised and enhanced new format of cheques called cts 2010. Nov 23, 2012 as per reserve bank of india rbi guidelines, cheque books being issued by banks need to be compliant with cheque truncation system cts2010 standards. In december, the rbi had extended the deadline to convert to the new standard cts 2010. Three things to know if you still use cheques livemint. The move to replace cheques with instruments that meet the new cheque cts. 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. One, in addition to the default site, the refurbished site also has all the information bifurcated functionwise. Even after march 31st, 20 banks will accept your non cts cheques for clearance but the processing time for non cts cheque will be higher than cts 2010 cheques. No fresh post dated cheques pdcequated monthly installment emi cheques either in old. 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. Cts 2010 standard cheque introduced for standardization of security features and easy processing.
Following are the points to be remembered while shifting to the cheque truncation system. The number 2010 in cts 2010 is because the guidelines for cheque truncation system came up in the year 2010. Cts2010 cheques have certain common security features and standardised field placements for enabling image based processing of cheques. Reserve bank of india has issued guidelines on standardisation and enhancement of security features for cheque leaves referred to as cts 2010. Therefore, non cts cheque would take more time to clear. This new cheque will be applied from 1st january,20. Cts is based on a cheque truncation or online imagebased cheque clearing system where cheque.
If you are still in possession of nonctc cheque books, then it is in your own. The reserve bank of india rbi has introduced a new format for cheques, the cts 2010. According to banking experts, cts 2010 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 non cts cheques. Get ready to order new india cheque books times of. Come april 20 and your old cheque books from your bank account in india will become void. The number 2010 in cts2010 is because the guidelines for cheque truncation system came up in the year 2010.
As per rbi mandate, the same old format cheques are to be accepted till december 31, 2012. As per reserve bank of india rbi guidelines, cheque books issued by banks need to be compliant with the cheque. If the cheque book is not with cts2010 cheque leafs, they are referred to as noncts cheque books. 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. These features are aimed at enhancing customer safety and facilitating easier processing of cheques. Cheque books not containing cts2010 cheque leafs are called. So it is necessary for all to understand how your new cheque. If yes, then you have to ask your bank to issue a cts2010 cheque book soon.
Reserve bank of india has issued guidelines on standardisation and enhancement of security features for cheque leaves referred to as cts2010. As per the revised guidelines of rbi the validity of noncts compliant cheques have been extended till 31st a july 20. Rbi extends deadline for noncts cheques till july 31. Cheque truncation system cts cheque printing software. Rbi has notified all banks to implement standardization and enhancement of security features of cheques. Rbi had issued a notification relating to the implementation of cts 2010 standard. Cts is based on a cheque truncation or online imagebased cheque clearing system where cheque images and magnetic ink character recognition micr data are captured. Simple guide for customers to identify if their cheques are cts. As per the direction of reserve bank of india rbi, non cts 2010 cheques. Procedural guidelines for cheque truncation system. Mar 18, 20 have you checked if your old cheque book is cts2010 compliant. In cts, the presenting bank or its branch captures the data on the micr band and the images of a cheque using their capture system comprising of a scanner, core banking or other application which is internal to them, and have to meet the specifications and standards prescribed for data and images. Annexure x a rbi circular on non cts 2010 instrument 51 51 annexure x b non cts clearing timings 51 51.
The reserve bank of india on thursday said that cts, will be made operational pan india by september 2020. As per rbi, banks are advised to issue only cts2010 standard cheques to. Jan 31, 2014 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. Also already circulated cheques will be replaced within 31st december 2012. Rbi guidelines on standardization of security features for cheque leaves, referred to as cts2010 are aimed at enhancing customer safety and facilitating easier. Reserve bank of india has therefore decided to focus on improving the efficiency of the cheque clearing cycle. 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 circular sent to. All banks providing cheque facility to their customers have been advised to issue only cts 2010 standard cheques. One should be using cts 2010 compliant cheques issued by bank from 1st april 20. Cts 2010 cheques have certain common security features and standardised field placements for enabling image based processing of cheques. 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 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. This directive has come in order to migrate to cheque truncation system cts 2010. This directive has come in order to migrate to cheque truncation system cts 2010 standards by year end i.
As per the negotiable instruments act, every cheque is required to be presented to the drawee paying bank for payment. The introduction of new cheque standards cts 2010 was warranted on account of. Cheque book issued prior to december 2010 is non cts. Cheque truncation system cts, an online imagebased clearing system for faster clearing of cheques in india. With this, the bank will not accept all non cts cheques that you issue from your existing cheque book and those. Dec 19, 2018 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. 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. Cheque issuing banks shall make all efforts to withdraw the non cts 2010 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. How do i know if my present cheque book is cts 2010.
Reserve bank of india, mumbai before 10th of the succeeding month. All residual noncts2010 cheques with customers will continue to be. Thus, it is considered as the major landmark in the indian banking industry. Reserve bank of india procedural guideline for cheque. As per rbi guidelines, now all banks have to issue cheques conforming to the cts 2010 standards with uniform features. Important message cts 2010 regulation applicable to. This new cheque clearing system will be applicable from 1 st january,20. If the cheque book is not with cts 2010 cheque leafs, they are referred to as non cts cheque books. Cts2010 standard cheque introduced for standardization of security features and easy processing. Get your noncts cheque book replaced immediately, it said. Dec 15, 2012 rbi has notified all banks to implement standardization and enhancement of security features of cheques. While banks have begun to issue fresh cheques in the cts 2010.
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