Daijiworld Media Network - New Delhi

New Delhi, Nov 7: The Reserve Bank of India (RBI) on Saturday dismissed as factually incorrect and misleading social media messages claiming that new cheque books with updated security standards would be introduced from January 1, 2027.

In a post on X, the central bank said it had taken note of messages circulating on social media claiming that the standard cheque books currently in use under the Cheque Truncation System (CTS) would undergo changes from December 31, 2026.

The messages further claimed that cheque books featuring updated security standards would come into effect from January 1, 2027.

"RBI is not introducing any such measures with regard to the CTS cheque books," the central bank clarified, describing the circulating information as factually incorrect and misleading.

The RBI urged members of the public to rely only on information and updates officially published by the central bank from time to time.

Separately, the RBI has proposed stricter documentation requirements for agricultural loans and changes to priority sector lending (PSL) calculations, including the treatment of certain trade-credit exposures.

The proposals form part of the draft Reserve Bank of India (Priority Sector Lending – Targets and Classification) Directions, 2026, which aim to strengthen oversight of agricultural lending. The central bank has invited comments and suggestions on the draft until November 26.

Under the proposed norms, banks would be required to maintain details such as the location of land under cultivation, crops grown and hypothecation of crops, wherever applicable, while verifying gold-backed agricultural loans.

The RBI has also proposed that sanctioned loan amounts be determined based on the applicable scale of finance and an assessment of credit requirements for agricultural activities, rather than solely on the type or value of collateral offered.

Additionally, banks would be required to maintain records of field visits conducted by their officials to monitor the end use of agricultural loans.

For landless agricultural labourers and sharecroppers who do not possess land records or lease deeds, banks would have to maintain alternative verifiable documents to establish their eligibility for classification under priority sector lending.