RBI dismisses rumours of new cheque books from January 2027
What's the story
The Reserve Bank of India (RBI) has debunked rumors about new Cheque Truncation System (CTS) cheque books with enhanced security features. The central bank confirmed that no changes are being made to the current CTS cheque books from January 1, 2027. This clarification comes in response to social media claims suggesting that existing cheque books would be phased out after December 31, 2026.
Public advisory
Public advised to rely on official communications
The RBI has advised the public to depend solely on its official communications for information regarding cheque-related rules and other banking matters.
This comes after social media messages falsely claimed that new cheque book standards and security features would be implemented from January 1, 2027.
The central bank has described these claims as factually incorrect and misleading, clarifying that no such change has been announced.
Clarification details
What the 'factually incorrect' social media messages said
In a post on X, the RBI said it had noted social media messages claiming that standard cheque books currently in use under the Cheque Truncation System (CTS) would change from December 31, 2026.
The messages claimed that cheque books with updated security standards would be introduced from January 1, 2027.
However, the central bank clarified that it is not introducing any such measures with regard to these CTS cheque books.
Proposed changes
RBI proposes stricter documentation requirements for agri loans
Separately, the RBI has proposed stricter documentation requirements for agricultural loans and changes to priority sector lending (PSL) calculations.
These proposals are part of the draft Reserve Bank of India (Priority Sector Lending - Targets and Classification) Directions, 2026.
The central bank has invited comments on this draft until November 26.
Under these proposed norms, banks would have to maintain details like location of land under cultivation, crops grown, and hypothecation of crops while verifying gold-backed agricultural loans.