Positive pay system for cheque payments above Rs. 5 lakhs

Sushubh

Sushubh

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RBI: Positive pay system for cheque payments to come into effect from January 1, 2021: RBI - The Economic Times

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Under the positive pay system, the issuer of the cheque will be required to submit electronically, through SMS, mobile app, internet banking or ATM certain minimum details of that cheque like date, name of the beneficiary, payee, amount to the drawee bank.

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, the RBI said.
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It only protects banks in case fraud is committed by cheque tampering, or Am i missing something??
This is insane.


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I mean if i issue a cheque of 6k and someone tamers it to make it 7 Lakh then I wouldnt have right to raise a complaint in case i didnt share cheque details with the bank before issuing. AND you have to go to the brach to share these details, not even online??? what the hell..
 
I think its mandatory for PostivePay details for high value cheques, so a cheque of Rs 7 lac will not be cleared without postive pay confirmation.

Not sure about Kotak, but I think I saw an option to enter cheque details in the ICICI iMobile app. Similarly other banks may add the feature to their mobile apps. Or you can call the customer care as well.
 
For 50k to 5L, offering Possitive pay is mandatory for Banks but optional for customers
For 5L and more, it is mandatory.
ICICI has offered customers the option to enter the details through both iMobile and Internet banking.
 

This info has to be provided by the PAYER right? Not the PAYEE I am guessing? (should be obvious but still asking a stupid question)
 
cheque issuer. could not locate any option for this in indus and yes bank mobile apps as well.
 
varkey said:
I think its mandatory for PostivePay details for high value cheques, so a cheque of Rs 7 lac will not be cleared without postive pay confirmation.
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ok not above 5L, but consider this, I issue a check of 4k for which no positive pay is required and then someone tampers it to withdraw 4L from my account for which positive pay is not mandatory (its upto the customer to opt-in for 50k to 5L), then will I have the right to raise a complaint? What happens in that case?
 
@terminator881 Obviously you have a right to complain if the bank honoured the tampered cheque. How did it work before before positive pay was introduced, the same way.

Even before Positive Pay was introduced, I've received calls numerous times from different banks for confirmation when a high valued cheque is presented for clearance.

Either way, I don't think any of your rights are removed by the system.
 
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Literally every new announcement made by the current government comes with riders where your right to complain are taken away. Aadhaar act took your right to sue uidai. The farmers act are doing the same.
 
@varkey check the screenshot posted by sushubh above from kotak mahindra bank page...thats what made me go WTF. It seems to me all this doesnt protect customers, only banks.
 

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