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Positive pay system for cheque
October 1 , 2020
1520 days
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- RBI gave its approval to “Positive Pay System” for Cheque Truncation System from 01st January, 2021.
- The Reserve Bank of India is going to launch Positive Pay System for Cheque Truncation System (CTS).
- This Positive Pay System will be developed by The National Payments Corporation of India (NPCI).
Positive pay system
- The issuer of the cheque will be required to submit electronically, via SMS, mobile application, Net banking or ATM certain information of that cheque like date, name of the beneficiary, payee, amount to the drawee bank.
- These details will be cross-checked before the cheque is presented for payment.
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