NEWS & ADVICE : FIXED DEPOSITS
State Bank of India to issue new, CTS complaint cheque books by Dec 15
By Neelima Shankar
Nov 20, 2012
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State Bank of India had recently announced that it would implement cheque truncation system (CTS) soon. To initiate the implementation process, SBI has requested its customers to inform the bank about any changes in their mailing addresses. The country's largest lender, SBI, has planned to send the new, CTS complaint cheque books to its customers by December 15, 2012.

On the matter, the bank issued a notification which said that SBI is arranging to dispatch the new series of CTS complaint cheque books to its customers "at their last recorded address". In case of any change of address, customers have been asked to inform the concerned officials about it. It also added that in case some customers do not get the new cheque books by mid December (15 Dec), they should contact their bank branch immediately.

It should be noted that Cheque Truncation System (CTS) was put in practice by the monetary regulator, Reserve Bank of India (RBI), on an experimental basis at the New Delhi Bankers Clearing House. Later, it was adopted by Chennai too.

RBI had issued a statement announcing the adoption of the CTS 2010 series in December, 2010. In the beginning of this month, SBI had decided to discontinue the use of the existing cheques by the end of December this year.


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