Housing Loan EMI are affected due to CTS-2010 implementation in the Banks?

POSTED BY AmbikaBV ON December 7, 2012 6:40 am COMMENTS (4)


Can anybody clarify if there would be any issues with the housing loan automated EMIs clearance due to CTS-2010 implementation in the banks? Because I am not sure, whether the cheques given by me for automated EMI clearance while taking the loan in Jan 2011 are CTS-2010 compliance. Any information regarding this would be greatly appreciated.

4 replies on this article “Housing Loan EMI are affected due to CTS-2010 implementation in the Banks?”

  1. Yes obviously ! .. only the payments with old cheques will be effected !

  2. AmbikaBV says:


    I just checked with Bank and Loan department. They confirmed that ECS has no issues. Only in case of post dated cheque, they need to be replaced with new cheques.

    Ambika BV

  3. The RBI notification says:

    Banks holding post-dated EMI cheques (received either on their own behalf or on behalf of their NBFC clients) may arrange to ensure the replacement of non-CTS-2010 Standard cheques with CTS-2010 standard cheques before December 31, 2012.

    You need to check with your bank what “arrange to ensure” means

  4. Cheques dated on or after Jan 1st 2013 will have to be CTS compliant and may/will not be processed.

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