Will Any change in the process for customers in Cheque Truncation System? No. There is no change in the clearing process for bank customers in Cheque Truncation System (CTS ). Customers continue to use cheques as at present, except to ensure the use of image-friendly coloured…
Non - CTS - 2010 Cheques to be Cleared Till 31 December: Reserve Bank India
Non - CTS - 2010 cheques (Cheque Truncation System) will continue till December 31, 2013, the Reserve Bank of India (RBI) said. While banks have begun to issue fresh cheques in the CTS - 2010 format, there is still a large volume of non - CTS-2010 format cheques being presen…
Phishing E- Mail in the Name of RBI..!
Next time you get an email from the Reserve Bank of India (RBI) think again An email allegedly from India's banking regulator RBI ,asking denizens to secure their bank account details with the RBI is fake, and an attempt by new-age fraudsters to con people into giving aw…
Reserve Bank of India 100 % Against 0 % EMIs for Consumer Goods
Planning to buy a phone or / a television during the upcoming festive season Do not bet on paying off the bill in interest free instalments.
These schemes are being withdrawn as the Reserve Bank of India (RBI) has frowned on the practice of banks tempting consumers to make…
Mobile Banking : Smart Finances Tool
Indian banking experts advocate mobile banking. Take the example of the National Payments Corporation of India (NPCI), set up by the Reserve Bank of India (RBI), which launched the inter-bank mobile payment service (IMPS) for all merchants. This means you can pay any kind of…
Cheque Signature Mismatch, Criminal Proceedings on :Supreme Court
A person may face if a cheque issued by him / her gets dishonoured on the ground that his / her signature does not match the specimen signature available with the bank, the SC (Supreme Court) has said. Criminal Proceedings for Dishonouring of Cheque..! A bench of justices Mr.…
Bank Savings: Sweep in Facility Vs Flexi Deposit, Which is better?
All of us build our contingency reserves and keep it in our locker or / savings bank account for any emergency that may arise in the future. By keeping this money in savings bank account we are able to maintain the required liquidity of funds; but the interest at 4% per yea…
Whether the Cheque Truncation System has legal sanction?
Whether the Cheque Truncation System - CTS - has legal sanction? With amendments in the Sections 6 and 1 (4), coupled with the introduction of 81 A to the Negotiable Instruments Act, 1881, truncation of cheques is now legalized. Need for any further clarifications, who can…
Precautions required to be taken by Bank Customers to avoid frauds in cheques ?
Banks / Bank Customers should use "CTS* 2010" cheques which are not only image friendly but also have more security features. Customers may request / insist their banks for cheque forms that are compliant with the "CTS 2010" standard. They should preferab…
How image, data transmitted over the network is secured in CTS?
The security, integrity, non-repudiation and authenticity of the data and image transmitted from the paying bank to the payee bank are ensured using the PKI (Public Key Infrastructure).
Cheque Truncation System (CTS) is compliant to the requirements of the IT Act, 2000. It …
