RBI Guidelines for Positive Pay System for Cheque Truncation System.
Dear all,
Your association SIMA is forwarding herewith a Circular No. RBI/2020-21/41, dated 25/09/2020, issued by the Reserve Bank of India, regarding the Positive Pay System for Cheque Truncation System.
As per the circular, the concept of Positive Pay involves a process of reconfirming key details of large value cheques. Under this process, the issuer of the cheque submits electronically, through channels like SMS, mobile app, internet banking, ATM, etc., certain minimum details of that cheque (like date, name of the beneficiary / payee, amount, etc.) to the drawee bank, details of which are cross checked with the presented cheque by CTS. Any discrepancy is flagged by CTS to the drawee bank and presenting bank, who would take redressal measures.
For more details, PLEASE CLICK HERE.
Thanking You,
With regards,
For Silvassa Industries & Manufacturers Association
Narendra Trivedi
Secretary
