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Old June 9th, 2016, 11:51 AM
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Default Re: State Bank of India CTS

India's biggest moneylender the State Bank of India (SBI) will execute the Check Truncation System (CTS) 2010, the new standard of checks as ordered by the Reserve Bank of India; from January 01, 2013.

The measure is essentially gone for serving duel targets: averting fakes identified with check and quick clearing of the same. "Every one of the clients of State Bank of India are therefore educated that according to mandate issued by the Reserve Bank of India, for institutionalization and upgrade of security elements within proper limits structure and its relocation to 'CTS-2010' standard, all branches of our bank will now issue just 'CTS-2010' standard checks to their clients," the keeping money behemoth on Monday said in an open notification.

With this, the bank won't acknowledge all the non-CTS checks (that you issue from your current check book) and those will be unavailable for general use from December 31, 2012. Consequently, the current clients are presently required to surrender their current check book and request CTS-2010 benchmarked checks.

SBI's move is extensively expected to prompt other big banks to execute the new process. Some foreign as well as private sector banks already commenced the process of migration from the existing to new standard.
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