Positive Pay System from 1st Jan 2021

Positive Pay System from 1st Jan 2021

BE/RBINOTE/75/2020

Reserve Bank of India, the Central Banker or the Banker’s Bank to reduce the incidences of frauds in Cheques Encashment has introduced a new system which is called “Positive Pay” for Cheque Truncation System (CTS) w e f 01.01.2021.

Under the new system, the account holder need to submit the following details without fail before issuing Cheques for amounts of

₹50000 / and above.

  1. Account Number
  2. Cheque Number
  3. Date of Cheque
  4. Amount of Cheque
  5. Transaction Code
  6. MICR Code
  7. Payee Name

Customers can forward the above data through any of the following channels

  1. Internet Banking
  2. Mobile Banking
  3. ATM

Though it is left to the discretion of Customers to avail the facility for values less than ₹5.00 lakhs, it is mandatory for amounts ₹5.00 lakhs and above.

It is also advised that those cheques details are available in PPS (Positive Pay System) will alone be accepted under dispute resolution mechanism of CTS Grids.

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Author: Admin Bankedge

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