The Reserve Bank of India, RBI has directed all central and state cooperative banks not to make payments on cheques and other financial instruments like drafts, pay order and banker's cheques that are over three months old from next fiscal.The directive comes a few days after the similar directions issued by the RBI to scheduled commercial banks.In a circular, the RBI directs that with effect from April 1 next year, banks should not make payment of cheques, drafts, pay orders and banker's cheques if they are presented beyond the period of three months from the date of issue.