SBI to enforce new cheque norms from 2013
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New Delhi, Nov 5 - State Bank of India (SBI) today said it will from 1 January accept only those cheques which conform to new standards. The step has been taken as per the direction of the Reserve Bank of India. To meet the objective, SBI has asked all its branches to issue cheques only with uniform features conforming to CTS (Cheque Truncation System) 2010 standard cheques to their customers.
All other banks including private sector and foreign banks have also started the process of phasing out of non-CTS cheques for migration to this system.
For standardisation and enhancement of security features in cheque forms and its migration to CTS 2010 standard, all branches of the bank will now issue only CTS 2010 standard cheques to their customers, SBI said in a public notice.
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