Business Standard

RBI extends deadline for new cheques

Related News

The Reserve Bank of India (RBI) has extended the deadline for implementing the (CTS-2010) by another three months. This is the second such extension. Banks have now been asked to ensure all cheques are compliant with CTS-2010 standards by April 1, 2013.

The earlier deadline was December 31, extended from October 1.

In a circular to banks, also said, “Residual non-CTS-2010 Standard cheques that get presented in the clearing system beyond this extended period (March 2013) will continue to be accepted for clearing but will be cleared at less frequent intervals.” It, however, indicated it might impose some fee for such cheques after March and how to do so was being discussed.

A separate communication is to be issued on this.

In CTS-2010, there is no need for physically presenting a cheque to the payee bank as is the current practice, substantially reducing the clearing time for outstation cheques.

Read more on:   
|
|

RBI extends deadline for new cheques

The Reserve Bank of India (RBI) has extended the deadline for implementing the Cheque Truncation System-2010 (CTS-2010) by another three months. This is the second such extension.

The Reserve Bank of India (RBI) has extended the deadline for implementing the (CTS-2010) by another three months. This is the second such extension. Banks have now been asked to ensure all cheques are compliant with CTS-2010 standards by April 1, 2013.

The earlier deadline was December 31, extended from October 1.

In a circular to banks, also said, “Residual non-CTS-2010 Standard cheques that get presented in the clearing system beyond this extended period (March 2013) will continue to be accepted for clearing but will be cleared at less frequent intervals.” It, however, indicated it might impose some fee for such cheques after March and how to do so was being discussed.

A separate communication is to be issued on this.

In CTS-2010, there is no need for physically presenting a cheque to the payee bank as is the current practice, substantially reducing the clearing time for outstation cheques.

image

Read More

RBI to infuse Rs 8,000 cr through OMO on Jan 4

"Consistent with the stance of monetary policy and based on the current assessment of prevailing and evolving liquidity conditions, the Reserve Bank ...

Recommended for you

Advertisements

Quick Links

More news from Finance Rss icon

Bank NPAs in Odisha mount to 8.26% in FY15

Out of total outstanding advances of Rs 94,755 cr made to various sectors by the banks, Rs 7,830 cr (8.26%) loans have turned NPA by March end

FIPB defers Kotak Bank's proposal to hike FDI limit

The FIPB, however, cleared the proposals of Den Networks, Biocon and Torrent Pharma

Edelweiss Tokio Life Insurance files FIPB application for foreign stake hike to 49%

Edelweiss Tokio Life Insurance is a joint venture between Edelweiss Financial Services and Tokio Marine Holdings

Back to Top