07-01-2021 | 16:58 PM
RBI Positive Pay System
The Reserve Bank of India (RBI) is to introduce “Positive Pay System” from January 1, 2021 for cheque transactions above Rs 50,000. This is to be done to enhance safety and eliminate frauds.
Key Points:
• It is a method of reconfirming the core information of large-value tests. Significant worth checks are those of purchases in excess of INR 50,000.
• The check issuer shall electronically upload some specifics of the check to the bank via SMS, ATM, mobile app, etc.
• Only the cheques that are compliant with the new system are accepted under the Dispute Redressal mechanism.
