Bank customers do not need to discard their noncts 2010 standard cheque books in a hurry to get their multicity cts2010 standard cheque leafs. In cheque truncation, the movement of the physical instrument is stopped and replaced by electronic images and associated micr line of the cheque. Please look for the letters cts2010 printed perpendicularly on the cheque leaf near the perforation on the left side as shown in the image. Cts 2010 cheques have certain common security features and standardised field placements for enabling image based processing of cheques. Watch the demo video to know why the new cts system speeds up cheque clearing times. Cheque truncation system cts, an online imagebased clearing system for faster clearing of cheques in india. Mar 18, 20 standardization and enhancement of security features in cheque formsmigrating to cts 2010 standards. Jan 08, 2015 however some of the features of cts cheques are cheque printer details. Cheque truncation system cts or imagebased clearing system ics, in india, is a project. To ensure security, safety and nonrepudiation of data images, endtoend public key infrastructure pki has been implemented in cts. Cts 2010 compliant cheques latest breaking news, pictures, videos, and special reports from the economic times. Enhancement of security features in cheque forms migrating to cts 2010 standards as covered in annex xa and other circulars from time to time.
The cheques before the implementation of cts did not contained sufficient security features to be identified clearly and hence, they were used accordingly for the malafide purpose. What are the image specifications in cts in the indian context. Cheque truncation system basically helps in faster clearance of the cheques in the banking records. The reserve bank of india rbi in its statement on developmental and regulatory policies issued today has informed that the cheque truncation system cts, which is currently operational at the major clearing houses of the country will be made operational pan india by september 2020.
According to banking experts, cts 2010 cheques have certain common security features and standardised field placements for enabling image based processing of cheques through optical image character recognition technology, which are absent in non cts cheques. Noncts cheque book will not be get cleared after sep20. Cheque truncation system cts cheque printing software. Request you to make a note that non cts compliant cheques would not be accepted by banks for clearing post 31 july 20. Bank customers rbi new guidelines 2019 non cts cheques stop. Cts2010 standard cheque book issued to the customers will have cheque leaves with letters cts2010 printed vertically on the cheque leaf near the. However, in the year 20 reserve bank of india rbi decided to implement the more awaited cheque truncation scheme cts. Everything you need to know about cts 2010 cheques. Stop fake cheques with digitally signed qr codes times of india.
How to identify my cheque book cts2010 standard compliant or. Thus, it is considered as the major landmark in the indian banking industry. So if you are still holding a noncts cheque book, then you should ask your bank to issue a fresh cheque book. If you have availed a home loan and or auto loan and issued postdated cheques instead of opting for direct debit, then you will be required to replace such. Get your noncts cheque book replaced immediately, it said. New cts cheque contains information of printer where they are printed along the words cts2010.
You need to apply in your bank for the same and it is available free of cost. Cts is based on a cheque truncation or online imagebased cheque clearing system where cheque images and magnetic ink character recognition micr data are captured at the collecting bank branch and transmitted. Free atm usage, cheque book, statements and direct debits. Reserve bank of india has issued guidelines on standardisation and enhancement of security features for cheque leaves referred to as cts2010. Cheque truncation system cts or imagebased clearing system ics, in india, is a project of the reserve bank of india rbi, commencing in 2010, for faster clearing of cheques. Pki ensures the security of data throughout the cts process. As per guidelines, non cts 2010 cheques issued by bank in india will be withdrawn from circulation by march 31, 20. Nov 29, 2012 identify whether your existing citibank account cheque book is cts2010 compliant request for a new cheque book, if required also, please note that rbi has advised all banks holding postdated emi cheques to arrange for replacement of noncts2010 standard cheques with cts2010 standard cheques. One can find this symbol where we write amount in figures. Noncts compliant cheques shall not be processed for clearing with effect from january 1, 2019, pnb said in a notification. Get your non cts cheque book replaced immediately, it said. Standardization and enhancement of security features in cheque formsmigrating to cts 2010 standards. However some of the features of cts cheques are cheque printer details. All cheques should, as far as possible, be issued with the account number field preprinted.
All the banks are now required to issue cts 2010 cheques only. Punjab national bank pnb has asked its customers to get their noncts compliant cheques replaced as these instruments will not be accepted for clearance in the banking system from january. Procedural guidelines for cheque truncation system cts. Worth mentioning here is that most banks have already stopped clearing noncts cheques since january 1, 2019. If the letters cts2010 are present here, your cheque book is cts2010. The cheque truncation system cts is a process of stopping flow of physical cheque in which an electronic image of the instrument is presented when it comes. This feature will avoid fraudulent from photocopying or printing it. If you are still in use of nonctc cheque books, then it is in your own interest to get those replaced with cts2010 standard cheque books latest by december 31. Customers are requested to ensure that in case of post dated cheques pdc issued to any officeservice vendorbanks from the dbs india cheque book issued as. No any cheque that is a non cts cheque will be returned by the bank as not a valid instrument under ni act. Sep 05, 2018 cheque truncation system reserve bank of india. If you are still in possession of nonctc cheque books, then it is in your own interest to get those replaced with cts2010 standard cheque books.
Yatra platinum credit card a card thats perfect for frequent travelers. Further, the new cheque standard cts 2010 prescribes certain mandatory and optional security features to be available on cheques, which will also add to the uniqueness of the images. The clearing timings of noncts session are covered in annex xb 1. Banks customers should use cts 2010 cheques which are not only image friendly but also have more security features. If these features are present in your cheque book, it is a cts compliant one. Oct 17, 2017 no any cheque that is a non cts cheque will be returned by the bank as not a valid instrument under ni act. There is a huge difference between cts and non cts cheques. Sep 03, 2012 it is now mandatory for banks to strictly issue standardised and enhanced new format of cheques called cts 2010. Non cts compliant cheques shall not be processed for clearing with effect from january 1, 2019, pnb said in a notification.
If the cheque book is not with cts2010 cheque leafs, they are referred to as noncts cheque books. Instead of this an electronic image of the cheque is transferred with vital essential data. Rbi guidelines on standardization of security features for cheque leaves, referred to as cts2010 are aimed at enhancing customer safety and facilitating easier. It is now mandatory for banks to strictly issue standardised and enhanced new format of cheques called cts2010. Cts 2010 standards leading to enhanced security and automation. Everything you need to know about cts 2010 cheques banking. If the cheque book is not with cts 2010 cheque leafs, they are referred to as non cts cheque books. Imaging of cheques can be based on various technology options. Mark will be in oval shape, and diameter of it is 2. Dec 19, 2018 if you are still in possession of nonctc cheque books, then it is in your own interest to get those replaced with cts 2010 standard cheque books latest by december 31.
No longer will you be able to use noncts cheques and sbi customers will not be able to do so from december 12, while other bank customers will not be able to use noncts cheques from january 1. Sep 03, 20 cheque truncation system cts, an online imagebased clearing system for faster clearing of cheques in india. New cts cheque contains information of printer where they are printed along the words cts2010 mentioned along the area where we tear off the leaf from the cheque book. Rbi guidelines on standardization of security features for cheque leaves, referred to as cts 2010 are aimed at enhancing customer safety and facilitating easier processing of cheques. According to banking experts, cts2010 cheques have certain common security features and standardised field placements for enabling image based processing of cheques through optical image character recognition technology, which are absent in noncts cheques. Aug 17, 2015 the cheques before the implementation of cts did not contained sufficient security features to be identified clearly and hence, they were used accordingly for the malafide purpose. Mar 06, 2014 the cheques before the implementation of cts did not contained sufficient security features to be identified clearly and hence, they were used accordingly for the malafide purpose.
These features are aimed at enhancing customer safety and facilitating easier processing of cheques. As per guidelines, non cts2010 cheques issued by bank in india will be withdrawn from circulation by march 31, 20. There is a high risk involved in the cheque truncation system. Words cts2010 printed on the left hand side of the cheque leaf near perforation. All cts2010 cheques bear some common security features and standardised field placements for enabling imagebased processing of cheques through optical character recognition technology, which is not available in noncts cheques. The time taken in clearance is less and the process is even costeffective. Cheque truncation system cts or imagebased clearing system ics, in india, is a project of the reserve bank of india rbi, commenced in 2010, for faster clearing of cheques. Ensure financial security for your retirement years. Cheque truncation system cts is the system in which the flow of physical movement of the cheque will be eliminated in the cheque clearing process. How to identify my cheque book cts2010 standard compliant. Standardisation and enhancement of security features in cheque.
Cheque truncation system cts is a cheque clearing system undertaken by the reserve bank of india rbi for quicker cheque clearance. If you are still in possession of nonctc cheque books, then it is in your own interest to get those replaced with cts2010 standard cheque books latest by december 31. Emirates world earn miles with every swipe and see the world sooner. Instead, an electronic image of the cheque will be sent to paying branch through the clearing house along with relevant information like data on the micr band, date of presentation. If you open your cheque book you will see that usually the only.
Cheque issuing banks shall make all efforts to withdraw the noncts2010 standard cheques in circulation before the extended timeline of july 31, 20 by creating awareness among customers through sms alerts, letters, display boards in branchesatms, logon message in internet banking, notification on the website etc. Is your cheque book cts2010 compliant standard chartered india. Further, the new cheque standard cts2010 prescribes certain mandatory and optional security features to be available on cheques, which will also add to the uniqueness of the images. All the cts2010 cheque should be clean, image friendly and over writing is not accepted because the cheque will be cleared through image based clearing system. The reserve bank of india on thursday said that cts, will be made operational pan india by september 2020. Cts2010 cheques have certain common security features and standardised field placements for enabling image based processing of cheques.
The chi provides for automated transmission of all the data. Rbi guidelines on standardization of security features for cheque leaves, referred to as cts2010 are aimed at enhancing customer safety and facilitating easier processing of cheques. In case your cheque is not cts2010 compliant, you can request for a new cheque book by logging in to citibank online. Cts 2010 compliant cheques blogs, comments and archive news on. Cts2010 cheques have certain common security features and standardised field placements for enabling image based processing of. Cts 2010 introduced some standards and security features such as quality of paper, watermark, filed placements, banks logo in invisible ink, void pantograph, etc. Also already circulated cheques will be replaced within 31st december 2012.
Cheque truncation is a process used in cts, in which an electronic image of the cheque is transmitted to the paying bank by the clearing house place where cheque has been presented for payment along with other relevant information instead of sending physical document. Customers may requestinsist their banks for cheque forms that are compliant with the cts 2010 standard. Sep 14, 2015 the number 2010 in cts2010 is because the guidelines for cts came up in the year 2010. As of now the banks in india are using different formats for their cheque leaves mainly for branding, identification, security features etc. Jan 01, 2019 cheque truncation system cts or imagebased clearing system ics, in india, is a project of the reserve bank of india rbi, commencing in 2010, for faster clearing of cheques. Request you to make a note that noncts compliant cheques would not be accepted by banks for clearing post 31 july 20.
If the above letters are present, your cheque book is cts2010 compliant 5. As such cts is more secured than exchange of physical document between banks. If yes, then you have to ask your bank to issue a cts2010 cheque book soon. In a simple way i can say that new cts cheque book contains all security features required for processing online. Identify whether your existing citibank account cheque book is cts2010 compliant request for a new cheque book, if required also, please note that rbi has advised all banks holding postdated emi cheques to arrange for replacement of noncts2010 standard cheques with cts2010 standard cheques. No longer will you be able to use non cts cheques and sbi customers will not be able to do so from december 12, while other bank customers will not be able to use non cts cheques from january 1. So it is necessary for all to understand how your new cheque format looks like. In case if your cts 2010 cheque book, you must obtain a new cts complied cheque book, and surrender the noncompliant one to the bank. Words cts 2010 printed on the left hand side of the cheque leaf near perforation. Cheque truncation system cts is a cheque clearing system undertaken by reserve bank of india rbi that aims at reducing the time involved in cheque clearing to one day. All cts 2010 cheques bear some common security features and standardised field placements for enabling imagebased processing of cheques through optical character. As the term proposes, truncation is the course of discontinuing the flow of the physical cheque in its way of clearing. If you are still in use of nonctc cheque books, then it is in your own interest. All the banks are now required to issue cts2010 cheques only.
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