RBI asks finance cos to migrate to accepting only CTS-2010 cheques

NBFCs should not accept fresh or post dated cheques (old or CTS 2010 compliant) in locations where ECS available

Reserve Bank of India (RBI) has asked non banking finance companies to migrate towards accepting cheques which are compliant with Cheque Truncation System 2010 standards.

NBFCs should not accept fresh or post dated cheques (old or CTS 2010 compliant) in locations where Electronic Clearing Service is available.