In a effort to give electronics payments a push Reserve Bank of India (RBI) today asked banks not to accept post dated cheques (PDCs) and EMI payment cheques even if it conforms to new CTS -2010 (Cheque Truncation System) format on the locations electronic clearing system (ECS) debit is available. This means all the new borrowers where ECS facility is available will have to compulsorily shift to electronic payments systems and they can’t sign post dated cheques and give them to banks to encashment.............
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