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RBI NOTIFICATION

DEAR CUSTOMER

The notification given below is relevant only to existing customers of CHHATTIS GARH FIN-CORP LENDING PRIVATE LIMITED (CGFL) who are currently repaying their Loans with us.

We wish to draw your attention to the Reserve Bank of India's (RBI) circular # RBI/2012-13/190 - DPSS.CO.CHD.No. 399 / 04.07.05 / 2012-13 dated 3rd September 2012 issued for Standardisation and Enhancement of Security Features in Cheque Forms-Migrating to CTS 2010 standards (continuation of circular DPSS.CO.CHD.No./ 1112 / 04.07.05 / 2011-12 dated 27th December, 2011).

THE SALIENT FEATURES OF THE CIRCULAR AND INSTRUCTIONS THEREIN AS ISSUED UNDER SECTION 18 OF THE PAYMENT AND SETTLEMENT SYSTEMS ACT, 2007 ARE AS FOLLOWS
  1. Banks must issue only Multi-city /Payable At Par CTS-2010 standard cheques not later than 30th September 2012 to their customer
  2. Banks must arrange to withdraw the Non-CTS-2010 standard cheques in circulation before 31st March 2013 by creating awareness through various communication like SMS alerts, letters, display boards in branches/ ATMs, messages in internet banking, notification on website, etc.
  3. Banks holding post-dated cheques (on behalf of themselves or on behalf of NBFCs) may arrange to ensure the replacement of Non-CTS-2010 standard cheques with CTS- 2010 standard cheques by 31st March 2013
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