RBI says new directive on cheques applicable only on CTS

By | June 24, 2010

Reserve Bank of India has stated that the new directive introduced on cheque modifications is valid for cheque truncation system (CTS).

Presently CTS is being used in the clearinghouse of RBI based in the National Capital Region (NCR). The clearinghouses in other regions use the MICR Code system for cheque clearing. This new directive does not hold for clearance carried for over the counter, MICR, non-MICR cheques.

RBI has said that CTS would be introduced from 1 December 2010.

The central bank is taking measures to clear the air on the confusion caused by its new directive on cheques called, ‘CTS-2010 Standards for Cheques’.

Hence the RBI has clarified that clients outside NCR don’t have to worry about the new directive.

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