New Delhi: The Reserve Bank of India (RBI) has amended the rules for high-value cheque clearing. The RBI has introduced a new system to increase customer security in cheque payments and reduce fraudulent incidents due to tampering of cheque leaf. RBI has decided to introduce a Positive Pay system for all cheques of 50 thousand rupees or more.

Under this system, at the time of issuing the cheque, the payment bank will be contacted for payment of the cheque based on the information given by its customer. This system will cover approximately 20% and 80% respectively, depending on the value and value of the total cheques issued in the country. RBI said that operational guidelines will be issued for this system.

Under the positive pay system, the details of the cheque issued by the account holder such as cheque number, cheque date, payee name, account number, amount, etc. as well as shares with the front and reverse side of the cheque have being done before handing the cheque to the beneficiary. When the beneficiary deposits the cheque to be encashed, the cheque details provided through the bank positive pay will be compared. If the details match then the cheque will be cleared.

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