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CTS 2010 Standard Cheque Books and CTS Clearing
 

As per RBI guidelines, non CTS 2010 Standard cheques will continue to be valid and accepted at all clearing houses including CTS centres upto December 31, 2013.

Image-based CTS clearing has begun across Mumbai on a full-fledged basis from October 2013.  Though RBI had advised all member banks to withdraw all residual non-CTS cheques from circulation before 31-07-2013, since a large volume are still in circulation, RBI has now put in place the following arrangements  for clearing of residual non-CTS-2010 standard cheques:

1. Till Dec 31, 2013, clearing of both CTS and non-CTS cheques will continue on a parallel basis.

2. From January 1, 2014, separate clearing session will be introduced in the three CTS centers (Mumbai, Chennai and New Delhi) for clearing of residual non-CTS 2010 instruments (including PDC and EMI cheques). This separate clearing session will initially operate thrice a week (Monday, Wednesday and Friday) up to April 30, 2014.

3. Thereafter, the frequency of such separate sessions will be reduced to twice a week up to October 31, 2014 (Monday and Friday).

4. From November 1, 2014 the frequency will be further reduced to weekly once (every Monday). If the identified day for clearing non-CTS-2010 instruments falls on a holiday under the Negotiable Instruments Act, 1881, presentation session on such occasions will be conducted on the previous working day.

From the schedule given above it is evident that from January 01, 2014, there is likely to be a delay in realization of non-CTS cheques. With passage of time the delay is likely to be higher due to the reduction in frequency of non-CTS clearing session leading to financial loss.

Customers are hereby informed that the Bank will not be responsible for any delay in realization of non-CTS cheques from January 01, 2014.

In view of the above, all customers who do not have a CTS 2010 cheque book are earnestly requested to replace their non-CTS standard cheque book with a CTS-2010 standard cheque book by visiting their home branch. This will avoid unnecessary delays and financial loss arising out of the delay.

 

Is your cheque book CTS-2010 standard compliant ?
To help you identify whether the cheque book you currently hold is CTS compliant or not, you can look for the following features:

  • Words 'CTS 2010' printed on the left hand side of the cheque leaf near perforation
  • All cheques carry a standardised watermark, with the words 'CTS-INDIA' which can be seen when held against any light source.
  • Pantograph with hidden / embedded word 'VOID' is included in the cheques. The word is clearly visible in photocopies of a cheque.The right hand corner of the cheque leaf has Boxes provided for the date which is in the DD/MM/YYYY format
  • Please sign above" is mentioned on cheque leaf on the lower right-hand side.
  • If you have a Personalised Cheque Book it is CTS 2010 format.

Click here to see the new format of the cheque.


If these features are not present in your cheque book, we request you to immediately indent a new CTS 2010 standard compliant cheque book by requesting the branch where you hold your account or place a request through Net Banking.

Further, if you have availed any loan facility and have provided post-dated cheques that are non-compliant with CTS 2010 standards towards the EMI, you would be required to replace the same with the new CTS 2010 standards compliant cheques.

For more info on the same and for understanding the security features of CTS 2010 compliant cheques walk in to your nearest branch of The Shamrao Vithal Cooperative Bank Ltd. Hurry Up!!!

 
 
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Kind Attention Customer/Member

W.E.F.01-06-2015,TDS will be applicable if interest accrued/paid on TD/RD exceeds Rs10,000/- p.a.Contact base branch for further details.

 
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