- Rules will be changed from next year on payment of cheque,
- know what is special and what will benefit you
RBI periodically takes steps to reduce banking fraud. In this direction, RBI is now introducing a positive pay system to prevent fraud in cheque payments. This will require key details to be confirmed again in payments over 50000.
New Delhi (Kalinga Voice): To prevent banking fraud, the Reserve Bank of India has decided to introduce a positive payment system for cheque payments from 1 January 2021. RBI periodically takes steps to reduce banking fraud. In this direction, RBI is now introducing a positive pay system to prevent fraud in cheque payments. In this system, payment of more than 50,000 will require key details to be confirmed again. Using this facility will depend on the account holder. Let us know other features of this system.
- Banks can make this system mandatory for payment of more than five lakhs.
- Under the positive payment system, the issuer of the cheque will now have to submit the minimum information of that cheque like date, beneficiary name, payee and amount etc. electronically through SMS, Mobile App, Internet Banking or ATM .
- These details will be cross-checked before a cheque is presented for payment.
- Preventive measures will be taken if any discrepancies are noticed.
- National Payments Corporation of India (NPCI) will develop a positive payment facility in CTS and make it available to participating banks. After this, banks will enable this facility for all account holders who issue cheques of Rs 50,000 and above.
- RBI said, “Banks are advised to create adequate awareness among their customers about positive pay system through SMS alerts, branch display, ATMs, their website and Internet banking.”
- It states that only those cheques which conform to the Positive Pay System Directive will be accepted under the dispute resolution mechanism in the CTS grid.
- However, banks are also free to implement the same arrangement for cheques cleared and collected outside the CTS.
