RBI has introduced the Positive Pay System for Cheque Truncation System w.e.f.01/01/2021. The concept of positive pay involves a process of reconfirming key details of large value cheques, i.e. Rs. Fifty Thousand and above.
Our bank Customers are requested to provide key details of cheques before handing over to the beneficiaries so that Bank at the time presentment for payment in CTS clearing/ Branch can pass the High Value cheques without any re-confirmation phone call by your base branch. The key details to be provided by customers are Name of the beneficiary, cheque no, amount, date of issue and MICR.
