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.
- Governor: Shaktikanta Das Trending
- Headquarters: Mumbai
1) RBI Mandate Banks to fully automate NPA Recognition Process by – June 30, 2021
2) The Digital Payment Index will be launched by which Financial Institution? – RBI
3) RBI announced additional OMO of how many crores to ensure orderly market conditions? – Rs 20000 crore
4) RBI signed USD 400 mn currency swap facility with which country? – Sri Lanka
5) Which institution is to set up a new Umbrella entity for retail payments? – RBI
6) Recently, RBI approved Sashidhar Jagdishan as next MD & CEO of which bank? – HDFC Bank
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