indiaUpdated: Aug 15, 2020 18:27 ISTHigh value bank cheque transactions are set to become safer with the Reserve Bank of India’s (RBI) stated intention to adopt the Positive Pay system for the payment of cheques valuing Rs 50,000 and above. Positive Pay system- Double safety for high value bank chequesThe system works by ensuring that every high value cheque valued at Rs 50,000 and above is crossed checked with details provided by the issuing party or the individual. The process for double verification under the systemThe Positive Pay system demands that an account holder electronically uploads the details of the high value cheque through the bank’s net banking system. The drawee bank then compares the details mentioned on the cheque with the details provided online by the customer through the Positive Pay system. Positive Pay operational guidelines soonThe RBI has said that the guidelines for the new system will be released soon.

Source: Hindustan Times August 15, 2020 12:57 UTC