To control banking rigging, the Reserve Bank of India has decided to bring a positive pay system for cheque payments from January 2021. RBI continues to take steps at the moment to reduce banking rigging. In this direction, RBI is now bringing positive pay system to prevent manipulation of cheque payments. The system will require key information to re-confirm the payment of more than 50,000. Using this facility will be on the account holder.
1. Banks can make this system mandatory for payments of more than five lakh. 2. As per the positive payment system, the cheque issuer will now have to submit the minimum information of the cheque such as date, beneficiary name, payee and amount etc. electronically through SMS, mobile app, internet banking or ATM. 3. These details will be cross-checked before the cheque is submitted for payment. 4. Preventive measures will be taken if any discrepancy is noticed. 5. The National Payments Corporation of India will develop positive payment facility and make it available to participating banks. Thereafter, the bank will enable this facility for all account holders issuing cheques amounting to Rs. 50,000 and above. 6. Rbi said, "Banks are informed to create adequate awareness among their customers about positive pay system through SMS alerts, displays in branches, ATMs, their portals and internet banking. " 7. It says that only those cheques which are in accordance with the positive pay system directives will be accepted under the dispute resolution mechanism in the CTS grid. 8. However, banks are free to determine the same arrangements for cheques cleared and collected outside the CTS.
At the same time, it is necessary to take care of these rules.
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