Positive Pay System*

*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.