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DEC 02, 2012

Diary of Events

Banks to start using new type of cheques from 2013

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BANKS TO START USING NEW TYPE OF CHEQUES FROM 2013

WRITTEN BY THE CALIBRE ON NOVEMBER 25, 2012. POSTED IN DIARY OF EVENTS, ECONOMY & BUSINESS, NATION & POLITY | IN-DEPTH, SCIENCE, TECHNOLOGY & HEALTH | IN-DEPTH

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All banks in India will adopt a standardised type of cheques based on Cheque Truncation System 2010 standard (CTS-2010) which is a benchmark for standardization of cheques issued by banks across the country. The main feature of CTS-2010 cheques is that a cheque can be cleared electronically. A CTS-2010 cheque will not have to go through the process of physical clearance. When a customer deposits a CTS2010-complied cheque, the bank can simply send the cheques image to the drawee bank, whose cheque has been issued; once the drawee bank scrutinizes and recognizes the cheque, it will get cleared. This move will help banks save on transaction cost and time. Features of the CTS cheques: Pap er: CTS-2010 standard paper doesnt glow under ultra-violet light. The paper will be image friendly and have protection against alterations by having chemical sensitivity to acids, alkalis, bleaches and solvents giving a visible result after a fraudulent attack. Waterm ark: All CTS-2010 cheques will carry a standardized watermark with the words CTS INDIA,

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which can be seen when the cheque is held against a light source. Each cheque must hold at least one full watermark. The watermark will appear at the centre of the cheque. Ban ks log o: The banks logo will be printed in ultra-violet (UV) ink. The logo will be visible under UVenabled scanners or lamps. The banks logo has to be on the left top of the cheque. Proh ib ition on correction s on ch eq u es: Any kind of changes or corrections will not be acceptable, as this causes difficulty in electronic clearance. This also helps banks to identify and control fraud. Ad d ition al text: The new cheque will also have please sign above this line mentioned at the bottom right of the cheque, a feature that was not available in cheques in use until now. Also, a statement payable at par at all branches of the bank in India will be written on the bottom of the new cheque. S tan d ard iz ation of field p lacem en t: Information such asaccount number, watermark and bank logo, among other security features, will be positioned at the same place in cheques of different banks to make clearance through image easier. All these features would ensure uniformity across cheques issued by various banks as well as help banks scrutinize cheques properly, which in turn is expected to act as a deterrent against cheque frauds. All non-CTS cheques will be out of use from 1 January 2013.
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