What changed
RBI extended the deadline for replacing non-CTS 2010 cheques with CTS 2010 standard cheques to March 31, 2013, following stakeholder representations. This is the final extension; after this date, any non-compliant cheques presented will be cleared at less frequent intervals.
What it means for you
UCBs must complete the withdrawal of non-CTS 2010 cheques by March 31, 2013, or face operational inefficiencies in clearing. The less frequent clearing arrangement for residual cheques could delay fund settlements and increase customer complaints. This is a hard stop for migration.
What you must do
- Ensure all non-CTS 2010 cheques are withdrawn and replaced by March 31, 2013.
- Communicate the final deadline clearly to all branches and customers.
- Prepare for less frequent clearing of any residual non-compliant cheques after the deadline.
- Refer to earlier circulars for compliance reporting requirements.
Who it affects
All Primary (Urban) Co-operative Banks (UCBs), Customers using non-CTS 2010 cheques
What happens if we don't withdraw non-CTS 2010 cheques by March 31, 2013?
After March 31, 2013, any residual non-CTS 2010 cheques will still be accepted in the clearing system but will be cleared at less frequent intervals, leading to slower settlement.
Is this the final extension for CTS 2010 migration?
Yes, RBI has stated this is the final extension. Banks must adhere to the deadline to avoid insufficient clearing arrangements.
Which circulars are referenced in this notification?
This circular references UBD.BPD.(PCB).Cir.No.26/12.05.001/2012-13 dated December 6, 2012, and DPSS.CO.CHD.No.955/04.07.05/2012-13 dated December 14, 2012.