SBI to send new cheque books by Dec 15, update your address

After announcing the implementation of cheque truncation system (CTS), the State Bank of India (SBI) has asked its customers to update their mailing address. The lender is preparing to send the new series of CTS compliant cheque books by December 15, 2012.
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Nov 19, 2012, 07.50 PM | Source: Moneycontrol.com

SBI to send new cheque books by Dec 15, update your address

After announcing the implementation of cheque truncation system (CTS), the State Bank of India (SBI) has asked its customers to update their mailing address. The lender is preparing to send the new series of CTS compliant cheque books by December 15, 2012.

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SBI to send new cheque books by Dec 15, update your address

After announcing the implementation of cheque truncation system (CTS), the State Bank of India (SBI) has asked its customers to update their mailing address. The lender is preparing to send the new series of CTS compliant cheque books by December 15, 2012.

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Moneycontrol Bureau

After announcing the implementation of cheque truncation system (CTS), the State Bank of India (SBI) has asked its customers to update their mailing address. The lender is preparing to send the new series of CTS compliant cheque books by December 15, 2012.

"We are arranging to send these new series cheque books to our valued customers at their last recorded address. Change in address, if any, may please be advised to the branch. If some of our valued customers do not receive the new series of cheque books by 15th December, 2012, they may please get in touch with the branch concerned," SBI said in a public notice on Monday.

What is cheque truncation?

Cheque truncation system (CTS) was implemented by RBI at New Delhi Bankers Clearing House on a pilot basis. Chennai of late, too executed the same process.

Cheque truncation, according to National Payment Corporation of India (NPCI) is the process in which the physical movement of cheque within a bank, between banks or among banks and the clearing house is curtailed or eliminated, being replaced in whole or in part, by electronic records of their content (with or without the images) for further processing and transmission.

In December, 2011; RBI had issued a notification relating to the implementation of CTS 2010 standard.

Earlier in the month, SBI decided to discontinue accepting the existing cheques (that customers issue currently) after December 31, 2012. It was the first bank to implement the CTS, the new standard of cheques as mandated by the Reserve Bank of India.  The measure is primarily aimed at serving duel objectives: preventing frauds related to cheques and speedy clearing of the same.

Also read: USL stake sale in Diageo is positive for KFA: SBI

SBI's move is widely expected to prompt some big banks especially the private sector lenders like ICICI Bank , HDFC Bank and Axis Bank to execute the new process. Some of them have already commenced the process of migration from the existing to new standard.

saikat.das@network18online.com

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SBI to send new cheque books by Dec 15, update your address

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