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Soon, new watermark on cheques to check fraud
Published on 20 Mar. 2010 1:11 AM IST
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The cheques of your bank will soon carry a watermark chosen by the Reserve Bank of India (RBI), in addition to the other markings on it. Three images for the watermark have been short-listed for the purpose, one of which will finally be selected for printing on cheques of all banks in the country. The RBI announced its decision about the new watermark through a notification issued last month, stated DNA.
The new marking is expected to curb cheque fraud and also ensure a certain degree of uniformity in the cheques issued by banks in the country. Sources said the Indian Banks’ Association (IBA), National Payments Corporation of India (NPCI) and the RBI, have together short-listed three images for the watermark. One of the three will finally be selected by the RBI in consultation with the IBA and the NPCI, for printing on bank cheques.
No matter which image is finally chosen, it will carry the mark of the Cheque Truncation System (CTS). The watermark will be standardised for all cheques and will carry the words, ‘CTS-INDIA’, which can be seen when held against light. The RBI is also working on other features of bank cheques such as quality of paper, printing of the bank’s logo in invisible ink, and a ‘void pantograph’, along with standardisation of field placements in the cheques.
Certain other desirable features have also been suggested. Banks can chose from these suggested features depending on their need and risk perception. Growing use of multi-city and payable-at-par cheques, speedy clearing of outstation cheques and other factors have led the RBI to look for more security features for cheques issued by banks in the country.

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