Advertisement

HindustanTimes Mon,14 Jul 2014

RBI extends date of chequebook return to April 1

HT Correspondent, Hindustan Times  Lucknow, December 20, 2012
First Published: 12:33 IST(20/12/2012) | Last Updated: 12:36 IST(20/12/2012)

If you are confused by the text messages being sent by your banks reminding you to change your old chequebooks, here is an answer to all queries. The date that was earlier fixed as January 1 for the new cheques, has now been extended to April 1, 2013, by the Reserve Bank of India.

Advertisement

As banking moves to a faster and more advanced system of payment through Cheque Truncation System (CTS) compliant cheques from next financial year, the customers are required to get the new chequebook to be able to switch to the new services. CTS chequebooks are already in use.

A number of banks have already been issuing CTS complaint chequebooks for almost a year now. So all those customers who have not got a new chequebook for more than a year, need to switch over.

Punjab National Bank- all chequebooks issued after April 2011 are CTS compliant.

Allahabad Bank- chequebooks issued by the bank from September 2011 onwards are all CTS compliant.

Bank of Baroda-chequebooks issued in the past 1 year are all CTS compliant.

WHY CTS?

To minimize clearance time by avoiding physical movement of cheques Avoid clearing related frauds Eliminate chances of cheque getting lost during transit from the clearing bank to drawn bank.


Advertisement
more from Lucknow

CM orders probe into UP pre-medical test paper leak

Uttar Pradesh chief minister Akhilesh Yadav on Sunday ordered a high-level probe into the paper leak in the Uttar Pradesh Combined Premedical Test-2014, which was detected in Ghaziabad minutes before the exams were set to begin across the state.
Advertisement
Most Popular
Advertisement
Advertisement
Copyright © 2014 HT Media Limited. All Rights Reserved