*Positive Pay System*
Reserve Bank of India, the Central Banker or the Banker's Bank to reduce the incidences of frauds in Cheques Encashment has introduced a new system which is called *"Positive Pay"* for Cheque Truncation System (CTS) w e f 01.01.2021.
Under the new system, the account holder need to submit the following details without fail before issuing Cheques for amounts of
₹50000 / and above.
1. Account Number
2. Cheque Number
3. Date of Cheque
4. Amount of Cheque
5. Transaction Code
6. MICR Code
7. Payee Name
*Customers can forward the above data through any of the following channels*
1. Internet Banking
2. Mobile Banking
3. ATM
Though it is left to the discretion of Customers to avail the facility for values less than ₹5.00 lakhs, *it is mandatory for amounts ₹5.00 lakhs and above*.
It is also advised that those cheques details are available in *PPS (Positive Pay System)* will alone be accepted under dispute resolution mechanism of CTS Grids.
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