SBI to introduce new cheque standards from 1 January
05 November 2012
State Bank of India (SBI), the country's largest lender, will implement the cheque truncation system (CTS) 2010, the new standard of cheques prescribed by the Reserve Bank of India, from 1 January 2013.
Beginning 1 January 2013, SBI will insist on its customers signing cheques with darker ink, which conform to the new standard.
This is part of RBI's effort to standardise and enhance the security features in cheque forms.
All branches of the BBI will now issue only CTS 2010 standard cheques to customers, SBI said in a public notice today.
The new cheque standards are aimed at preventing frauds and speeding up the clearing process.
"All the customers of State Bank of India are hereby informed that as per directive issued by the Reserve Bank of India, for standardization and enhancement of security features in cheque form and its migration to 'CTS-2010' standard, all branches of our bank will now issue only 'CTS-2010' standard cheques to their customers," SBI said in a public notice today.