New cheque book

Here is an important information which is really useful to all.

Why you need to apply for a new cheque book

Considered to be a major milestone in the history of Indian banking, Cheque Truncation System (CTS) aims to make cheque clearance more efficient and reduce the clearance time of cheques to one day, thereby trimming down the floating time considerably. India processes as many as 1.2 billions cheques annually and therefore, the implementation of this system would drastically cut down the waiting period involved. The system will be implemented nationwide from January 1, 2013.

CTS cheque sample

How does it work?

An online image-based cheque clearing system, the collecting bank branch would deploy scanned images along with the magnetic ink character (MICR) of the cheque which will be sent out electronically using their Capture System, removing the need for physical/manual transfer of cheques. The captured images and the data is then signed and encrypted and sent to the Clearing House or the central processing location and thereafter forwarded to the drawee or paying bank.

This helps speed up the cheque collection process that eventually helps provide better and faster customer service.

Key Features of Cheque Truncation System

• User friendly graphic user interface
• Automated coding and endorsing of cheques
• Encryption of data file before transmission to the clearing house or the service branch
• Employs a unique transaction follower process to confirm the status of cheque
• Improved and efficient settlement and prevention of fraud
• Equipped with enhanced archival procedure that stores images and data facilitating report generation along with future enquiry
• Alerts RMs in case of return of cheque due to insufficient funds

New cheque leaf

Impact of CTS on Customers

Handling of EMIs with the Introduction of CTS

In cases where customers have issues post-dated cheques (PDC) for payment of monthly installments towards an ongoing loan, they would need to issue fresh cheques to the bank or service provider as per the new directive on CTS by the RBI. The replacement of these cheques needs to be done latest by December 31, 2012 and is applicable on all banks and NBFCs.

Encashment of Old Cheques

If you have an old cheque with you, you should get it encashed by December 31, 2012. The RBI mandate states that payments for such cheques will be honoured only till then.

Banks need to issue the new types of CTS-compliant cheque books with the prescribed features to all their customers latest by December 31, 2012. Customers may need to surrender their old cheque books or cancel them and show proof of cancellation. No replacement fee will be charged by the bank for issuing new cheque books

Apart from these aspects, the system does not, in any way, affect the way things function for a customer. They would continue using cheques as they do currently; however, cheques that have been altered or modified will not be permissible under the new system. The other precautions that need to be taken while issuing or writing a cheque are:

• Ensure that all details are clear and readable, using black or blue ink
• Write the name of the payee, amount and the date and sign the cheque correctly.
• In case you use seals on the cheque, ensure that they are imprinted in a manner that they do not mask or hide the other important fields of the cheque.

Benefits of CTS for Customers

There are many benefits of the cheque truncation system from the perspective of a customer. 

• Clearance cycle gets shortened - As this system is being implemented, the physical or manual movement of cheques for clearance has ceased. With cheques being transmitted electronically, the settlement process becomes quicker, facilitating reduction in the clearance cycle.
• The fear of loss of cheques during transfer from the collecting bank to the drawee or payee bank is eliminated.
• Limitations of the current clearance system with respect to jurisdiction and geography are eradicated. This enables integration and consolidation of several clearing locations across various banks offering different service levels into one standard clearance system applicable throughout the country.
• CTS helps reduce the scope of fraud significantly. Moreover, the electronic transmission is quick and allows early detection of fraud or any alteration with respect to the payee, amount or the issuer of the cheque. CTS prescribe minimum security features under ‘CTS-2010 standards’ along with superior verification process that further facilitates in the reduction of frauds.
• The operational efficiency of both the bank as well as the customer is enhanced with the introduction of this system.

source: http://in.finance.yahoo.com/news/why-you-need-to-apply-for-a-new-cheque-book-054016316.html

7 Body Language Mistakes To Avoid : Mike Michalowicz

Body language includes all the things that are being said by everything from your posture to the way you play with your hair in the midst of a conversation. Believe it or not, all these things express what you may not be saying verbally, and the person on the other side of the table is picking up on every non-verbal word!

Here are some of the most common mistakes that people make:

1. Looking at your PDA

If you are looking at your PDA when someone is talking to you, it's a clear signal that you are not interested in what they are saying. It's also a sign of pure arrogance. Turn the PDA off and put it out of site.

One tip here—if you need to take notes, avoid taking them on your PDA because it will look like you are texting. Instead, opt for using the old pen and paper. Ironically, even if you are doodling out of site on paper, you will be looked at more favorably than if you are typing notes into your PDA.

2. Clasping and rubbing hands together

If you are doing this it says you are nervous or uncomfortable. Rubbing your hands together may also be an indicator that you believe you have sealed the deal and money is headed your way. This could be seen as arrogant. Let your hands naturally rest at your sides or on your lap, depending on if you are sitting or standing. Also, avoid doing things like cracking your knuckles, which is believed to be a macho attention seeking behavior.

3. Dressing messy

There is cool, stylish and there is, well, just plain sloppy. If you look sloppy, it will come across that you are unprofessional and just don’t care. It may also be an indicator of the way you do business. But if you are stylish and well put together, on the other hand, it shows that you are current and caring.

4. Clock watching

Whether it is looking at your watch or checking the time on the wall, it says to the other person that you have something more important than what they are saying. It will make the other person feel rushed as well. Forget the time and focus on the meeting at hand.

5. Arm crossing

Keep tabs on what you do with your arms. If you have them crossed, it makes you look defensive and closed off, or that you are disregarding what they are saying. Open your arms so that you appear to be inviting.

6. Eye rolling

You have to know that every word coming out of your mouth, no matter how sincere it may sound, will be instantly defeated with even a half a second rolling of the eyes. Save the eye rolling for when you are back in your car or office and out of sight.

7. No eye contact

When you are looking everywhere but at the person in the eye, it makes them think you can’t be trusted and that you are holding something back. Make good eye contact to build trust and show you are engaged and interested.

In the business world you have just a minute or two to pull someone in. But one of these business body language blunders can take just seconds. Don’t lose a deal or customer simply because you weren’t on your body language game. Keep these tips in mind so that your body works for you, rather than against you!

Taken From : http://www.openforum.com/articles/7-body-language-mistakes-to-avoid