Public lender State Bank of India (SBI) will implement a new cheque payment system starting from New Year 2021. Under the new ‘Positive Pay System’ or PPS for cheques, reconfirmation of key details will be needed for all payments above Rs 50,000.
SBI said on its website, "As per RBI guidelines, we are introducing Positive Pay System (PPS) with effect from 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."
A couple of months ago, the RBI took a decision to launch a 'positive pay system' for cheque. In August MPC, RBI governor Shaktikanta Das announced this system to keep customers safety in focus and to decrease the cases of crime and fraud with regard to cheque payment. Banks were advised by the RBI to build enough awareness among their customers on features of 'Positive Pay System'.
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