Get Book, Book Chapters publication and Confernce Proceedings publication with ISBN from EDUpub editor@eduindex.org EDUpub Get Book and Book Chapters Published with ISBN, send manuscript for review to editor@pen2print.org

Introducing Positive Pay for safer cheque payments

 

From January 1, 2021, RBI has advised banks to make the facility of Positive Pay available to customers issuing high value cheques.

What is Positive Pay System?
RBI has introduced Positive Pay System to further augment customer safety in case of cheque payments and reduce instances of fraud occurring on account of tampering of cheque leaves. With this process, the issuer of the cheque will be required to submit certain minimum cheque details (such as date, instrument number, amount, etc.) to the drawee (issuing) bank. The details of the cheque will be verified with the presented cheque by Cheque Truncation System (CTS), and any discrepancy will be flagged to the drawee bank and presenting bank for redressal measures.
With reference to the above, you are required to provide the cheque details issued by you (viz. cheque date, 6-digit cheque number, amount, beneficiary name) either by logging in to the latest version of Net Banking or by visiting the nearest bank branch on the day the cheque is issued by you or before it is handed over to the beneficiary.
Here’s how you can provide information for Positive Pay on Net Banking in a few simple steps: 
STEP 1
Login to Net Banking with CRN/Username/Card number & Password
STEP 2
Click on Service Requests in the main menu on the left
STEP 3
Go to the Chequebook requests menu
STEP 4
Click on Positive Pay (Cheque Confirmation)
STEP 5
Select the Account from the drop-down menu, enter the rest of the details and click on Continue
STEP 6
Review the details and click on Submit
Click here for more details.
Important points to note: 
1.The details are to be provided only for cheques issued manually, on the same day the cheque is issued, or before it is handed over to the beneficiary
2.Kindly ensure that the cheque details submitted are correct, to keep it from getting rejected or returned
3.Availing the facility will be at the discretion of the customer. In case the details of manually issued cheques are not provided, existing clearing process will continue without Positive Pay check
4.Cheques that are compliant with the above process will be accepted under dispute resolution mechanism at the CTS grids i.e. in case the cheque issuance details are not shared with drawee (issuing) bank, the right to raise a complaint under Dispute Redressal Mechanism where an altered cheque is paid from the account will be forfeited

Post a Comment

0 Comments