Standardization of cheques

Standardization of cheques

Reserve Bank of India to ensure customer safety and easy processing of cheques has issued new guidelines for printing of cheques by commercial banks. These guidelines mandate enhanced security features and standardization of cheques and all banks re to follow the same.

The new cheques were to come into force from 1^st January, 2013. The date was however extended to 1^st April, 2013. The RBI has now further extended the date for introducing the new cheques to 1^st July, 2013. As such customers may continue to use their existing cheque leaves till 30^th June, 2013. It is however suggested that they be ready with the new formatted cheque leaves for use.

It would be nice if the use of cheques are reduced to the maximum so as to save paper and to go green.