RBI is all set announce a new cheque clearing system by the name “Positive Pay system” from 01.01.2021 wherein cheque above Rs. 50,000 will require re-confirmation from the issuer, of various details before the payment is made.
This step has been taken to reduce the amount of banking fraud in cheque payment.
However according the information available it will be optional for account holder to avail this facility for amount exceeding Rs. 50,000 and below Rs. 5 lakh. However above Rs. 5 lakh cheques banks are considering to make it mandatory.
Under the positive pay system, the issuer of the cheque will be required to submit electronically, through SMS, mobile app, internet banking or ATM certain minimum details 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.
Redressal measures would be taken in case any discrepancy is flagged by cheque truncation system (CTS) to the drawee and presenting banks.
The National Payments Corporation of India (NPCI) will develop the facility of positive pay in CTS and make it available to participant banks.
RBI has even advised banks to create adequate awareness among their customers regarding this positive pay system and tell them about the features.
It added that only those cheques that are compliant with positive pay system instructions will be accepted under the dispute resolution mechanism at CTS grids.
