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RBI has introduced new rules for check payments, will be applicable from January 1

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new Delhi. The Reserve Bank of India (RBI) has introduced new rules to prevent fraud through banking frauds and checks. Under this, now customers have to share some personal information with the bank if the transaction is done more than 50 thousand by check. For this, the help of Positive Pay System will be taken. This will verify the check. These rules will be implemented from 1 January.

Positive pay system is a new tool of RBI under which it will be easy to find out about fraudulent activities. Under the new rule, the customer, while deducting the check, will himself inform the bank about the cashier. The bank will be able to match the information of the person depositing the check and cashing it, only then the check will be cleared. Initially it will depend on the account holder whether they want to avail this facility or not, but this facility can be made compulsory on checks of more than Rs 5 lakh.

What is positive pay system
This is a system in which the person issuing the check will have to give some information related to the check to the bank through SMS, mobile app, Internet banking or ATM. This will include the date of the check, the beneficiary’s name, the payee and the payment amount, etc. Under the positive pay system, the details of such checks will be crosschecked, so that there is no possibility of disturbances. During this time, if any fault is found, then it will be marked by the Check Truncation System. Its information will be given to Droi Bank (the bank in which the check is to be paid) and the presenting bank (the bank from which the check is issued). The National Payments Corporation of India (NPCI) will work to develop a positive pay system.

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