According to RBI guidelines, SBI has introduced a positive pay system to give additional protection to customers.
State Bank of India (SBI), the country’s largest bank, warns its customers from time to time to protect them from financial fraud. SBI has more than 49 crore customers and in such a situation it is a big responsibility for the bank to keep the transactions safe. The Reserve Bank also continues to issue guidelines to banks for the protection of customers. In this episode, SBI is providing an additional security feature to its customers on payment through check. In this, the customers fill the details of their issued check online and match it with the check issued by the bank. In this way the chances of fraud are reduced.
What is SBI Positive Pay?
SBI customers can give details of checks issued online through mobile banking and net banking. It has been named “SBI Positive Pay”. Once the check is issued through SBI Positive Pay, it can be confirmed again. Customers have to provide some basic details in it. For example, they have to fill details such as their account number, date of check, check number. Customers have to fill these details on the positive pay portal.
SBI has told customers in a tweet that they should use positive pay system for additional security and contact the branch for more information.
Keeping all your transactions safe including those done via Cheques.
SBI Positive Pay System makes Cheque payment secure. To know more, contact your nearest SBI branch.#SBI #StateBankOfIndia #PositivePaySystem #PPS #ChequePayment pic.twitter.com/IhecxVMNSb
— State Bank of India (@TheOfficialSBI) April 17, 2021
How does Positive Pay work?
When the person to whom the check has been issued deposits it for cashing, the details of the check are matched with the information filled by the customer. In this way, any tampering or tampering with the check can be caught. SBI provides an additional security to positive pay customers.
Submit online SBI Positive Pay with Mobile Banking
- If SBI YONO Mobile Banking is active on your mobile, then you can fill the details of your check online on positive pay.
- For this, you have to go to SBI YONO Lite Mobile Banking and login. After login you go to the services section. Here you will find “Positive Pay System”.
- After this, you have to click on check lodgement details. After this, you will have to enter details such as your account number, check number, date of issue of the check, the amount of the check and then you submit it.
- In the same way, you can enter the details of your check issued on the positive pay system by going to the net banking of SBI.
This service has started from January
SBI has started positive pay system from January this year. SBI has said that as per RBI guidelines, we have implemented positive pay system from 1 January 2021. This will provide additional security to the customers. Under this system, the issuer of the check will now have to file some details regarding the check payments. These include details like account number, check number, check amount.
