SBI Introducing Positive Pay System from January 1 2021

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SBI Introducing Positive Pay System from January 1 2021

SBI introducing Positive Pay System from January 1: Know what it is and how it make Cheque payment secure

The concept of Positive Pay involves a process of reconfirming key details of large value cheques.

https://zeenews.india.com/personal-finance/sbi-...

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Starting today, only those cheques which are compliant with "Positive Pay " instructions will be accepted under dispute resolution mechanism at the CTS grids.

Under this process, the issuer of the cheque electronically submits details related to the cheque presented for clearing, such as the cheque number, cheque date, payee name, account number, amount, and other details (including the photo/copy of the front face🤦🏾 and back of the cheque) against a list of cheques previously authorized and issued by the issuer.
https://www.livemint.com/money/personal-finance/new-clearing-process-for-high-value-cheques-soon-how-it-works-11596698349784.html
(the report is from five months back, but the process is rolled out now, starting with SBI. SBI claiming to provide the facility for ALL its customers and across every branch, starting today).

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AXis :

To make cheque transactions safer, the Reserve Bank of India (RBI)* has asked all banks to introduce the Positive Pay System effective 01 January, 2021.
Positive Pay System enables an additional security layer to the cheque clearing process wherein, the issuer of the cheque submits cheque details as per the process mentioned below. When the beneficiary submits the cheque for clearing, the presented cheque details will be compared with the details provided to the Bank through Positive Pay.
To avail this facility, the account holder (drawer of the cheque) needs to share cheque details at the time of issuance of the cheques for amounts of INR 50,000/- and above.
Cheque details as under:
• Cheque Date
• Name of beneficiary/payee
• Amount
• Cheque number
These details can be submitted by the account holder at the nearest branch by filling a simple Positive Pay form.
Note:
• Insufficient and incorrect details may lead to cheque return.
• To enable the validation through Positive Pay, the cheque detail mentioned above should be available with the bank one working day prior to the cheque presentation date.
• Only cheques that are compliant with the Positive Pay System will be accepted under RBI dispute resolution mechanism between the presenting and paying banks.
• Availing of this facility for cheques amounting to INR 50,000 and above is at the discretion of the account holder. It is recommended that the account holders avail the facility for all cheques of INR 5,00,000 and above.

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What is this new Positive pay Jumla ? can someone explain in layman language .

daily i issue 10+ cheques , mostly high volume … how is this going to affect me ?

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saymyname78 wrote:

daily i issue 10+ cheques , mostly high volume … how is this going to affect me ?

I thought you’re doomed but after reading the last point in above post

Availing of this facility for cheques amounting to INR 50,000 and above is at the discretion of the account holder.

you’re saved sunglasses (may be)

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DealLooter wrote:

I thought you’re doomed but after reading the last point in above post

Availing of this facility for cheques amounting to INR 50,000 and above is at the discretion of the account holder.

you’re saved sunglasses (may be)

I think too much weed energy is making us move back to pre-historic times .

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Expand
DealLooter wrote:

I thought you’re doomed but after reading the last point in above post

Availing of this facility for cheques amounting to INR 50,000 and above is at the discretion of the account holder.

you’re saved sunglasses (may be)

for cheques above 5 lakhs????

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Does anyone know or has any experience on how to opt-in for positive pay for any major bank?

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