Delhi protests: Some defining moments at Raisina Hill and India Gate, when tear gas shells and water failed to deter the protesters who refused to vacate the area that houses the North and South Blocks including the Prime Minister's office and turned the area into a virtual battleground
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RBI extended the time for NBFCs up to 31 March 2013 to ensure withdrawal of Non-CTS 2010 Standard compliant cheques and replace them with CTS-2010 Standard compliant cheques
New Delhi: Borrowers from non-banking finance companies (NBFCs) have now time till 31st March to replace their old system bank cheques with new ones with added security features for their equated monthly instalments (EMI) payments, as the Reserve Bank of India (RBI) has extended the deadline in this regard for them, reports PTI.
In a circular RBI said that it has been decided to extend the time for NBFCs up to 31 March 2013 "to ensure withdrawal of Non-CTS 2010 Standard compliant cheques and replace them with CTS-2010 Standard compliant cheques".
In a move to standardise and enhance security features on cheque leaflets, the central bank had asked all banks to migrate to 'CTS-2010' standard cheques by 31 December 2012, which was later extended till 31 March 2013.
In effect to this, NBFCs accepting cheque payments for future instalments from their customers were asked to get it replaced with the new standard cheques.
"However, it may be noted that the residual Non-CTS-2010 Standard compliant cheques that get presented in the clearing system beyond the extended period, will continue to be accepted for the clearing but will be cleared at less frequent intervals," the RBI circular added.
Cheque truncation system (CTS) 2010, with set of minimum security features would ensure uniformity across all cheque forms issued by banks in the country and also help presenting banks while scrutinising and recognising cheques of drawee banks in an image-based processing scenario, RBI had said.
Several developments in the cheque clearing process, namely growing use of multi-city and payable-at-par cheques at any branch of a bank, increasing popularity of speed clearing for local processing of outstation cheques and implementation of grid based CTS for image-based cheque processing, also led to this directive by RBI, it had said.