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Thursday, August 6, 2020

RBI proposes this safety measure: Positive Pay mechanism for all cheques above Rs 50,000

RBI proposes this safety measure: Positive Pay mechanism for all cheques above Rs 50,000

The Reserve Bank of India (RBI) has decided to introduce a new clearing process for high-value cheques to enhance the safety of cheque payments. The apex bank will soon come up with a mechanism of 'Positive Pay' for all cheques of value Rs 50,000 and above, RBI Governor Shaktikanta Das announced on Thursday.

Under this mechanism, the drawee bank will process the cheques for payment basis the information passed on by its customer at the cheque issuance time. This, according to RBI, will "cover approximately 20 per cent and 80 per cent of total cheques by volume and value, respectively."

The central bank added that operational guidelines in this regard will be issued separately.

Also Read: MPC meet Live Updates: RBI keeps repo rate unchanged at 4%; continues 'accommodative' stance

Under the Positive Pay System, a bank account holder shares the information of issued cheque to bank such as account number, amount, payee name, cheque number, cheque date, etc., accompanied with an image of the front and reverse side of the cheque, before transferring it to the beneficiary.

When the beneficiary deposits the cheque for collection, its details are compared with the ones provided to the bank via Positive Pay. The cheque is honoured if the details match.

"To enhance safety of cheque payments, it has been decided to introduce a mechanism of Positive Pay for all cheques of value ?50,000 and above. This will cover approximately 20 per cent and 80 per cent of total cheques y volume and value, respectively," Das said in a statement.

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