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.
- Account Number
- Cheque Number
- Date of Cheque
- Amount of Cheque
- Transaction Code
- MICR Code
- Payee Name
Customers can forward the above data through any of the following channels
- Internet Banking
- Mobile Banking
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.