Get ready for new cheque system
From the New Year, banks will accept only CTS 2010 standard cheques at their counters. This would means borrowers who had given post-dated cheques to finance companies and housing finance firms for their monthly loan repayments will have to replace their current cheques with CTS 2010 cheques. The RBI had already directed banks to issue only multi-city and payable at par CTS-2010 cheques to customers from September 30, 2012. Delhi including the NCR and Chennai will see the least impact as banks here are already on the new platform. This is the reason why no cheques can carry an alteration now even when signed by the customer.
CTS-2010 is essentially a collection of standards that make all cheques from every bank largely homogeneous. They carry some common basic features that help the banks where a customer deposits a cheque to identify the genuineness of the instrument. Bankers say the homogeneity in security features act as deterrent against frauds, and the fixed field placement
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