Cheque Truncation System: Banks to block circulation of non-CTS cheques by March 31

Chandigarh: According to a notice issued by the Reserve Bank Of India, the circulation of non-CTS cheques should be blocked by March 31, 2013 and replaced by Cheque Truncation System, CTS 2010 standard. People are now approaching banks for getting cheque books according to the new format issued.

Comparing the old system of cheques with the new CTS, RK Gupta, Manager, Punjab National Bank said, “Now there is no obligation to send the cheques physically as the image of the cheque is captured by the system and sent electronically. The format is standardized and the new features like the invisible logo of the bank and void pantograph help keep a check on fraudulent cheques”.

“The new system is very genuine and brings a lot of ease to the users, though the prohibition of any alterations in the cheque will surely require some practice,” said Vaishali Grover, an account holder at PNB. Similarly, Ravinder Yadav, Manager, Bank Of India (BOI) said, “ More than fifty account holders request it on a daily basis”.

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