Positive Pay System | New Rule For Cheque Payments India 2021

our country is facing a huge crisis. At a time when people are suffering a lot financially and non-financially, many banks have come up with different types of loan schemes. As part of this, banks are receiving a number of orders from the RBI. But today we are looking at a new proposal from the RBI that has been released in this way. On March 1st, 2021, the RBI issued a directive requiring all banks to implement a double-security, positive pay system for checks. Most of the banks had taken steps to implement this. But what we do know is that the banks have not been able to implement this properly in the face of the country’s covid expansion. According to new announcement, Some banks are going to implement this system from the 1st of June. Let’s take a look at the changes that will take place with the introduction of the positive pay system.

If you currently have an amount in your bank account, you only need to sign in the cheque and give it to someone else for withdrawing money from your bank account. After that, when the person who bought the cheque from you submits it to the bank, they will verify whether it is your signature and pay the money. But we do know that there are many types of online scams going on today and as a result many people are losing money from their bank accounts. To prevent this, the RBI is introducing such a positive pay system to make bank accounts more secure. If you are handing over a check to someone through the introduction of such a system, you should inform the bank about it. Usually in cheque the name, date and amount signature are the same. You will also need to hand over the details of who you paid the cheque to to the bank. This information can be submitted by the cheque payer only after giving advance notice to the bank. Withdrawals can only be made after reviewing all the information you provided at the time of submitting the cheque.

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Bank of Baroda is going to implement such a positive pay system from June 1. Bring this one system to view transactions above Rs 50,000. You need to transfer this information via SMS or through the banking app.At a time when online money laundering is on the rise, it is hoped that the RBI’s positive pay system will be rolled out to all banks, giving them greater security.

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