Positive Pay System

Clearing Cheque Positive Pay System 

We would like to inform you that from January 7, 2021. RBI has advised banks to make the facility of Positive Pay available to customers issuing cheques amounting to Rs.  5,00,000/- and above.

What is Positive Pay System?

RBI has introduced the Positive Pay System to further augment customer safety in case of cheque payments and reduce instances of fraud occurring on account of tampering of  cheque leaves. For this process, the issuer of the cheque will be required to submit  certain minimum cheque details (such as Date, Instrument number, Amount, etc.) to the  drawee (issuing) bank. The details of the cheque will be verified with the presented  cheque by Cheque Truncation System (CTS), and any discrepancy will be flagged to  the drawee bank and presenting bank for redressal measures.

With reference to the above, you can provide Positive Pay data for the cheques amounting to Rs. 5,00,000/- and above issued by you (viz. Cheque Date, 6-digit  Cheque Number, Amount, Beneficiary Name) by visiting the nearest bank branch or by  written mail on the day the cheque is issued by you or before it is handed over to the  beneficiary.

Please note: 
1. The details are to be provided only for cheques issued manually, on the same day the cheque is issued, or before it is handed over to the beneficiary.
2. Kindly ensure that the cheque details submitted are correct, to keep it from getting rejected or returned.
3. Availing the facility will be at the discretion of the customer. In case the details of manually issued cheques are not provided, existing clearing process will continue without Positive Pay check. 
4. Positive Pay validation will be done only for the cheques for which issuance data has been provided to the bank. 
5. Despite Positive Pay details being available, cheque may be returned due to other technical and financial reasons during the scrutiny of the bank.

For any: assistance, please feel free to talk to any of our bank staff