UBD.BPD.(PCB).Cir.No.29 /12.05.001 /2012-13
December 19, 2012
The Chief Executive Officer,
All Primary (Urban) Co-operative Banks.
Dear Sir/ Madam,
Migrating to CTS 2010 standard – Submission of compliance report
Please refer to our circulars UBD.BPD.(PCB).Cir.No.26/12.05.001/2012-13 dated December 06, 2012 and circular DPSS.CO.CHD.No.955/04.07.05/2012-13 dated December 14, 2012 issued by our Department of Payment and Settlement System, Central Office under section 18 of the Payment and Settlement System Act, 2007 (Act 51 of 2007).
2. Taking into consideration the representations received from stakeholders, the time limit for withdrawal/ replacement of non-CTS 2010 Standard cheques with CTS 2010 Standard cheques has been extended up to March 31, 2013. However, it may be noted that the residual non CTS 2010 Standard cheques that get presented in the clearing system beyond this extended period will continue to be accepted for the clearing but will be cleared at less frequent intervals.
3. You are therefore, advised to ensure withdrawal of non CTS- 2010 Standard cheques within the extended time limit i.e by March 31, 2013. Please note that since it is final extension of time for adhering to the directions issued for migrating to CTS 2010 standard cheques, all UCBs may adhere to the same, else there will be insufficient clearing arrangement at less frequent intervals for non- CTS 2010 cheque after March 31, 2013.
Chief General Manager – In- charge