RBI New cheque format | CTS 2010
RBI – New format - Cheque Truncation System
As per earlier direction to all banks, RBI had fixed 31 December as the last date for phasing out non-CTS (Cheque Truncation System) 2010 Standard cheques.
The homogeneity in security features of CTS 2010 standard cheques will act as deterrent against frauds, and the fixed field placement specifications facilitate straight-through-processing at drawee banks' end through the use of optical or image character recognition technology.
The introduction of new cheque standards 'CTS 2010´ was warranted on account of several developments in the cheque clearing namely growing use of multi-city and payable-at-par cheques at any branch of a bank, increasing popularity of speed clearing for local processing of outstation cheques and implementation of grid based CTS for image-based cheque processing etc.
The RBI said it may be noted that the residual non-CTS-2010 Standard cheques that get presented in the clearing system beyond this extended period will continue to be accepted for the clearing but will be cleared at less frequent intervals.