RBI to impart “Positive Pay System” for Cheque Truncation System from 01st January, 2021

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RBI to impart “Positive Pay System” for Cheque Truncation System from 01st January, 2021
RBI to impart “Positive Pay System” for Cheque Truncation System from 01st January, 2021

RBI to impart “Positive Pay System” for Cheque Truncation System from 01st January, 2021. The Reserve Bank of India is going to launch Positive Pay System for Cheque Truncation System (CTS). This Positive Pay System will be developed by The National Payments Corporation of India (NPCI) which is an umbrella organisation for operating retail payments and settlement systems in India. The positive pay system will be implemented from January 1, 2021.

What is Positive Pay System?

Using this positive pay system, the issuer of the cheque will be required to submit electronically, via SMS, mobile application, Net banking or ATM certain information of that cheque like date, name of the beneficiary, payee, amount to the drawee bank. Reserve Bank introduced this positive pay system to prevent frauds with high value cheques.

These details will be cross-checked before the cheque is presented for payment. In case any discrepancy is flagged by cheque truncation system (CTS) to the drawee bank and presenting bank, redressal measures would be undertaken.

About RBI:

  • Governor: Shaktikanta Das Trending
  • Headquarters: Mumbai

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