RBI positive pay system- Now it can be difficult for you to issue checks of more than Rs 50,000 from 1st September.
New Delhi. If you are also sending money by check? Or do check payment.. then there is news of great work for you. Now issuing checks of more than Rs 50,000 from September 1 may become difficult for you. This is because banks have now started implementing the positive pay system. Most of the banks are going to implement PPS from 1st September. Axis Bank is starting the positive pay system from next month. The bank has informed its crores of customers about this through SMS.
Now according to the new rule, before issuing the check from September 1, you will have to give complete details. Otherwise your check will be canceled and you may have to bear the loss. Apart from Axis Bank, other banks can also implement Positive Pay.
Rules implemented by these banks
Some banks, including Axis Bank, have made PPS mandatory, under which customers will have to give check details to the bank through net / mobile banking or visiting the branch. Let us tell you that the positive pay system will be implemented on bank check payments of 50,000 or more. However, Axis Bank customers will have to confirm the check details under the Positive Pay System only when it issues bank checks of Rs 5 lakh or more.
The same, State Bank of India (SBI), Kotak Mahindra Bank has also implemented the positive pay system for checks above Rs 50,000. However, these banks have kept it optional for the customers. Explain that the purpose of implementing this rule is the safety of the customers. This system will avoid fraud with checks.
Know what is the rule?
It is worth noting that the Reserve Bank of India (RBI) had announced the Positive Pay System for Check Transaction System (CTS) in August 2020. According to this rule, banks can apply this facility to all account holders for checks with an amount of 50 thousand or more as per their wish. Under this rule of RBI, before issuing the check, you have to inform the bank about this or else the check will not be accepted. Your check will be rejected. However, this rule may cause problems for senior citizens who do not use the services of net banking or mobile banking.
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