The format is standardized and the new features like the invisible logo of the bank and void pantograph help keep a check on fraudulent cheques'. Please acknowledge receipt and confirm to the Regional Office of the Bank that a plan has been put in place for implementing the ' CTS-2010 standard' within the prescribed timeline. According to a notice issued by the Reserve Bank Of India, the circulation of non-CTS cheques should be blocked by Maand replaced by Cheque Truncation System, CTS 2010 standard. it brings huge benefits to customers by substantially reducing the time taken to clear the cheques as well as to the banks by increasing operational efficiency by cutting down on overheads in physical cheque clearing by using cheque image, instead of the physical cheque. The above instructions are issued in terms of Section 45 JA and 45K of the Reserve Bank of India Act, 1934 (Act 2 of 1934).Ĥ. Cheque Truncation System (CTS) is the project undertaken by Reserve Bank of India for faster clearing of cheques. NBFCs are, therefore, required to ensure the replacement of Non–CTS-2010 standard compliant cheques with CTS-2010 standard compliant cheques before December 31, 2012.ģ. NBFCs accept post dated cheques from their customers for future EMI payments, and some of such instruments may not be compliant with the CTS-2010 standard.
The benchmark prescriptions known as ' CTS-2010 standard“ are to be implemented by December 31, 2012.Ģ. These include provision of mandatory minimum security features on cheque forms like quality of paper, watermark, bank's logo in invisible ink, void pantograph, etc., and standardisation of field placements on cheques. ' CTS-2010 standard“ is a set of benchmarks towards achieving standardisation of cheques issued by banks across the country.
Standardisation and Enhancement of Security Features in Cheque Forms - Migrating to CTS 2010 Standards stdBname Standard Bank Name String stdPname Standard CTS 2010 String stdLogo.
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