Reserve Bank of India, UBD has reminded erring Primary Urban Cooperative Banks to submit the compliance report as per DPSS.CO.CHD.No. 668/04.07.05/2012-13 dated October 19, 2012.
In the last few weeks, Bank customers have been bombarded with messages from their Banks to switch over to CTS 2010 cheques. Most of the Banks have set-up special desks in their branches to educate the customers on CTS 2010 cheques.
As a bank customer, it is advised you should preferably use dark coloured ink while writing cheques and you should avoid any alterations or corrections thereon. For any change in the payee’s name, amount in figures or in words, fresh cheque leaves should be used by customers, as this will facilitate smooth passage through image based clearing system.
Any alterations on CTS 2010 cheque will lead the cheque being rejected by your bank. Hence, please avoid alterations.
Trusts by now, you have had encashed your non-CTS compliant cheques, as otherwise they will be a simple piece of paper after 31/12/2012.
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