Thursday, September 6, 2012

RBI asks banks to issue cheques with uniform features by September 30

MUMBAI: The Reserve Bank today directed all banks to issue cheques with uniform features conforming to Cheque Truncation System (CTS) 2010 standard by end of this month.


The homogeneity in security features act as deterrent against frauds, and the fixed field placement specifications facilitate straight-through-processing at drawee banks’ end through the use of optical or image character recognition technology, RBI said in a notification.


Adherence to CTS-2010 standards has inherent advantages as the security features in cheque forms help the presenting banks to identify the genuineness of the drawee banks’ instruments while handling them in the image based scenario, it said.


To ensure the time-bound migration to CTS-2010 standard cheque formats, all banks are advised to arrange only “multi-city or payable at par CTS-2010 standard cheques not later than September 30, 2012,” it said.


“Arrange to withdraw the...

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