SBI will introduce the ‘Positive Pay System’ for cheques from January 1, 2021. The re-confirmation of key information will involve for payments beyond Rs.50,000.
SBI on their website said, “As per RBI guidelines, we are introducing Positive Pay System (PPS) w.e.f. 01/01/2021 to ensure added security where the cheque issuer now needs to provide details such as account number, cheque number, cheque amount, cheque date payee name with respect to the cheque payments.”
Few months ago, the Reserve Bank of India (RBI) took a decision to launch a ‘positive pay system’ for cheques.
In the month of August MPC, the RBI governor Shantikala Das has announced that the system will keep customer safety in focus to decrease the crime andf fraud in connection to cheque payment.
Banks are directed by the RBI to spread awarness among their customers on the new ‘Positive Pay System’.
