business π New security codes for cheques coming soon
Banks are rolling out new cheque books featuring alphanumeric security codes to boost transaction safety and cut fraud risks. For example, Bank of India has started using these new series of cheque leaves for customer use. Reports mentioned a December 31, 2026 deadline for certain cheques valued at Rs 50,000 or more. This move aligns with the RBI's push to strengthen cheque clearing via the CTS system. Customers must check their specific bank's official advice before making any changes. π¦