NBFC cheques get more time

Borrowers from NBFCs have now time till March 31 to replace their old system bank cheques with new ones with added security features for their EMI payments.

Borrowers from NBFCs have now time till March 31 to replace their old system bank cheques with new ones with added security features for their EMI payments, as RBI has extended the deadline in this regard for non-banking finance companies.

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The central bank had asked all banks to migrate to ‘CTS(Cheque Truncation System)-2010’ standard cheques by December 31. In effect to this, NBFCs accepting cheque payments for future installments from their customers were asked to get it replaced with the new standard cheques.