The RBI has announced new rules for check payments under the positive pay system . This rule is being applied for payments above Rs 50,000. Under this new rule, in order to make a payment of more than Rs 50,000 , some key information will have to be re-confirmed. However, this feature depends on the customer's approval, whether they want to take it or not. The bank can make it mandatory for payments above Rs 5 lakh.
'Positive Pay' is a tool to prevent fraud and deception. This tool to catch fraud confirms some special information regarding the check given to clear. These are the information - check number, check date, payee name, account number, amount and all the information that the check issuer may have given in the first check.
The new rule for check payments will come into effect from January 1, 2021
- Under this process, the person declaring the check will have to provide some minimum information such as check date, name of the beneficiary or payee, amount of dry bank information via SMS, mobile app, internet banking, ATM.
- National Payment Corporation of India i.e. NPCI, CTS i.e. Positive Penny facility in check truncation system will be developed and made available to banks. The bank will enable all account holders to avail this facility. Who wants to declare for an amount of 50 thousand or more.
- The information provided by the account holder will be uploaded by the bank's system Positive Pena to the centralized data system. When the bank receives the check, it will mix this information with the central database. If the information provided in the check is matched with the information provided by the account holder, the payment will be made. If the information does not match, the bank will reject the check.
- The RBI has advised banks to inform their customers about its features through SMS, alerts, branch displays, ATMs, websites and internet banking. Spread awareness about it
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