The Reserve Bank of India (RBI) on Monday extended the deadline to migrate to new-look cheques (CTS-2010 Standard cheques) with more security and standardised features to July 31, from March 31, 2013.
“All residual non-CTS-2010 cheques with customers will continue to be valid and accepted in all clearing houses, including the Cheque Truncation System (CTS) centres for another four months up to July 31, 2013 subject to a review in June 2013,” the RBI said in a notification.
‘Cheque Truncation System (CTS)-2010 standard’ is a set of benchmarks towards achieving standardisation of cheques issued by banks across the country.
The RBI also told banks not to charge their savings bank account customers for issuance of CTS-2010 standard cheques when they were issued for the first time. However, banks could continue to follow their existing policy regarding cheque book issuance for additional issuance of cheques.
