"Supported under FIF of NABARD"
To enhance security and safeguard customers, the Reserve Bank of India (RBI) has introduced the Positive Pay System for Cheque Truncation System (CTS), effective from January 1, 2021. This system aims to add an extra layer of security to cheque payments by requiring the issuer to submit certain key details of the cheque, such as the cheque number, amount, date, and payee/beneficiary name, to the drawee bank.
The Positive Pay System is available for all account holders who issue cheques of Rs. 50,000 and above. Participation in this facility is optional for account holders. However, only cheques that comply with the Positive Pay System instructions will be accepted under the dispute resolution mechanism at CTS grids.
Customers can avail of the Positive Pay System (PPS) by submitting the necessary cheque details through their branch or via Bank website or Mobile Application. It is important to submit these details at least one working day prior to the cheque’s presentment or clearing date.
The usage of the Positive Pay System will be made mandatory for cheques of Rs. 5 lakhs and above presented for clearing. Customers are advised to submit the required cheque details in the Positive Pay System before issuing the cheque to avoid potential rejection during clearing.
Link for Positive Pay System Login
FORMAT FOR SUBMITTING INFORMATION BY CUSTOMER – Download Now
