It is our constant endeavour to keep you updated about important developments that could impact your investments. In furtherance to the same, we would like to inform you about the “Positive Pay System” that has come into effect.
In order to bring in additional protection for your high-value cheques, the Reserve Bank of India (RBI) has introduced a new system for banks – Positive Pay System.
This system has been developed by the National Payments Corporation of India (NPCI) and is a simple process of confirming key details of cheques with high value. You (Account Holder) can submit these details online through the bank’s internet/mobile banking or visit the bank’s branch for offline submission.
Details to be submitted to your bank include:
- Account Number
- Cheque Number
- Date of Cheque
- Cheque Amount
- Beneficiary Name, etc.
This new system while highly beneficial to customers is based on the discretion of the respective bank. If your bank implements the same then:
For cheques worth ₹50,000 to ₹5 lakhs – The choice to avail this additional safety measure will be at your discretion.
For cheques worth ₹5 lakhs above – This requirement will be mandatory.
Talk to your bank for more details.
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