NEWS & ADVICE : FIXED DEPOSITS
RBI allows the use of old format cheques for another 3 months
By Neelima Shankar
Dec 17, 2012
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The banking and monetary regulator, Reserve bank of India, has extended the deadline set for banks to provide customers with new, uniform cheques containing enhanced security features till March 2013. This step will enable customers to continue using their old format cheques for the next three months.

The central bank issued a notification on the matter, which said, "Taking into consideration representations, it has been decided to extend the time up to March 31, 2013, for banks to ensure withdrawal of non-CTS 2010 Standard cheques and replace them with CTS-2010 Standard cheques."

RBI further added in the notification that it received requests from many quarters to extend the deadline till after December 31. Also, it said that about all banks had communicated to it that they will be issuing only multi-city cheques or payable at par CTS-2010 standard cheques.

It should be noted that RBI had earlier directed all bankers to phase out the old format cheques by December 31 this year. The old format cheques are the non-CTS (Cheque Truncation System) 2010 Standard cheques.


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