New logo, water mark to make cheque safer: RBI
Mumbai, Feb 24: The Reserve Bank of India (RBI) has said that cheques will have more security features like water marks and logos.
The RBI has asked banks to take additional measures to prevent forgeries and frauds.
"Besides additional security features, the cheques being issued by commercial banks and rural banks will be of standard size," said an RBI circular which was communicated to the heads of all banks.
"The new features would include use of quality paper, water mark and printing of banks' logos in invisible ink," RBI said.
"Homogeneity of security features is expected to act as a deterrent against cheque frauds," RBI said.
RBI also said 'Cheque Truncation System-2010 Standard' will be introduced after ascertaining the readiness of the banks to adopt it.
The format is based on the recommendations of the Working Group. It was set up by the RBI to examine standardisation of cheques and enhancement of security features.