Submission of compliance report for Migrating to CTS 2010 standard

UBD.BPD.(PCB).Cir.No. 26/12.05.001 /2012-13

December 6, 2012

The Chief Executive Officer,
All Primary (Urban) Co-operative Banks.

Madam/Dear Sir,

Migrating to CTS 2010 standard – Submission of compliance report

We invite a reference to circulars  DPSS.CO.CHD.No. 399/04.07.05/2012-13 dated September 3, 2012 and DPSS.CO.CHD.No. 668/04.07.05/2012-13 dated October 19, 2012 issued under section 18 of the Payment and Settelement System Act, 2007. In terms of which all UCBs were advised to issue only multi-city/payable at par (applicable to CBS enabled Banks with multiple branches) CTS-2010 standard cheques not later than September 30, 2012 and submit confirmation to Department of Payment and Settlement System (DPSS) to the effect that necessary arrangements have been put in place in their respective bank latest by September 14, 2012.

However, it is observed that some banks are yet to submit this confirmation report to DPSS. You are therefore, once again advised to send the confirmation to paragraph 3 (i) and 3 (ii)  of the circular dated September 3, 2012 immediately and to paragraphs 3(iii) within the target date indicated in the circular to DPSS, CO without any further delay

Yours faithfully

(Kamala Rajan)
Chief General Manager

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eMinds Legal

eMinds Legal is a Corporate Law Firm based in Gurgaon, India specializing in Corporate Legal, Corporate Secretarial and Compliance. The Firm comprises of a team of Corporate Lawyers and Company Secretaries with in-depth subject matter knowledge and participative industry experience of over 15 years.

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