As per RBI (Reserve Bank of India) regulations, all bank cheques must adhere to the CTS 2010 norms (cheque truncation system). A baseline for the standardisation of checks issued by banks nationwide is CTS-2010. By April 1, 2013, banks were asked that they must guarantee that all checks adhere to CTS-2010 requirements. And since January 2019, the banks have stopped clearing Non-CTS cheques. But do you know how to identify CTS cheque? I will tell you about it.
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Cheques made using the CTS-2010 standard can be processed electronically. A CTS-2010 cheque won't be required to undergo the physical clearance procedure. When a customer deposits a cheque that complies with CTS-2010, the bank can immediately send the picture of the cheque to the drawee bank, to which it was issued; once that bank examines and accepts the cheque, it will be cleared. Banks will benefit from time and transaction cost savings from this change.
CTS cheque how to identify?
The upper left part of the cheque will be printed with the bank's address and IFSC number.
A common date format is present.
The extreme left of the cheque has the printer's name and the words "CTS 2010" printed on it.
On the centre of the cheque is the bank's logo.
The phrase "Please sign above" appears in the bottom right corner of the cheque.
The bank's logo is imprinted on the CTS 2010 cheque with invisible (ultraviolet) ink. The logo may be seen in ultraviolet-capable scanners and lamps and is located in the centre of the check. It confirms the validity of a cheque.
If your CTS 2010 chequebook is not compliant, you must get a new one and turn in the non-compliant to the bank. After March 31, 2013, you must switch out any post-dated checks you issued in lieu of choosing direct debit for a home or car loan with ones that comply with CTS-2010. You could also shift to the direct debit / ECS (electronic clearance service) mode, where the EMI money would be deducted from your account each month, to prevent this headache.
I hope now you know how to identify CTS cheque.
Read More: What is CTS Cheque: CTS Clearing Meaning? What is Non CTS Cheque Meaning? What is the Difference Between CTS and Non CTS Cheque?
How to Identify CTS Cheque?
Bhawna Krishnan
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2022-11-21T10:46:15+00:00 2023-06-30T13:25:03+00:00Comment
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