State Bank of India (SBI): Changes from 1st January: There is going to be a big change related to your money in the new year.
From January 1, the new system will be implemented to prevent fraudulent transactions in the banking system.
Changes from 1st January: There is going to be a big change related to your money in the new year. From January 1, the new system will be implemented to prevent fraudulent transactions in the banking system. In this, all checks worth more than 50 thousand rupees will be issued only by positive pay check. Not only this, at the time of deducting the check, the customer himself will inform the bank about the cash (Withdrawal). The bank will give clearance only after matching the information of both the check borrower and the cashier.
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The country’s largest bank State Bank of India (SBI) is also going to implement a new system for check payments from January 1. In the new system, some important details will have to be reconfirmed to pay more than 50 thousand rupees through checks. This system will be implemented from 1 January 2021. RBI has also issued a guideline regarding this, stating that from 1 January 2021, ‘Positive Pay System’ will be implemented. The check issuer will be helped to avoid fraud at the time of payment.
In the new system, the issuer of the check will have to give the account number, check number, check amount to the bank. SBI has asked its customers to choose the option of positive pay system. If they need any information about this, then they can go to the nearest bank branch. A few months ago, the Reserve Bank of India (RBI) has decided to implement a positive pay system for check payments. RBI Governor Shaktikanta Das announced this in the MPC August Policy. This step is being taken to reduce fraud at the time of check payment.
What is positive pay system?
Positive pay system is a kind of new system, in which some important information will have to be confirmed twice before making a big payment through check. In this, the person issuing the check will give the necessary information to the bank through SMS, mobile app, internet banking, ATM or any other electronic means. In this, the date of the check, name of the beneficiary, amount, check number will have to be given. These details will be matched to the CTS. On receipt of the disturbance, the payment will be stopped and the bank will be informed.
National Payment Corporation of India
National Payments Corporation of India (NPCI) will develop the facility of positive pay check and make it available to banks. RBI said that after that the banks will apply it to the account holders in the case of all payments of Rs 50,000 and above.
Positive Pay cheque mechanism
A new arrangement will be made to prevent fraudulent transactions from checks.
Under positive pay, tell the bank by writing the check and the bank will clear the check.
Developed countries such system, clearance on sending the photo of check and giving details.
A scheme to implement this arrangement for checks of 50 thousand rupees or more.
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It’s cheque not check
sir you have used check for Cheque, which is an instrument used to draw money or to transfer money to a person named theein and this is a negotiable instrument. if you feel I am right please change the spelling while posting the new article. thank you