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The RBI resorts to positive pay system to control the cheque fraud

Thursday - August 6, 2020 5:03 pm , Category : WTN SPECIAL
The Bank cheque system is very popular in India
The Bank cheque system is very popular in India

Now, the positive pay system to be implemented in the banks to reduce fraud in the cheque payment

AUG 06 (WTN) - You must have used a bank cheque to pay or receive money. However, it has been observed that many cases of fraudulent payments have come to light in the cases of cheque payments, and people have suffered financial losses. At the same time, the banks also face trouble due to complaints in the cases of cheque fraud.

But, to prevent fraud and fraud cases caused by the cheques, now, the Reserve Bank of India has changed the rules of clearing the cheques for the higher amounts. In fact, the RBI has introduced a new system aimed at increasing customer security in the cheque payments and reducing the incidence of frauds due to tampering with the cheque leaf.

For your information, let's know that the RBI has decided to start the Positive Pay system for the payment of all the cheques of 50 thousand rupees or more. According to this proposed new system of RBI, the cheque clearing bank will contact to the cheque issuing bank on the bases of the information given by the customer before paying the cheque of Rs 50,000 or more.

According to the RBI, the positive pay system will cover 20 percent of the total cheques currently being issued in the country. At the same time, this system will cover 80 percent of the total amount of cheques being issued in the country. However, it is currently an offer, and operational guidelines for this system will be issued soon.

For your information, let's know that under positive pay system, the person issuing the cheque before issuing a cheque of 50 thousand rupees or more before giving the cheque to the beneficiary will give complete details of the cheque like cheque number, cheque date, Payee's name, account number, and amount, etc. along with the front and back side photos of the cheque.

Subsequently, when the beneficiary deposits the cheque to the bank for payment, the bank will compare the cheque details issued through the positive pay system. At the same time, the cheque will be cleared only when the details given by the cheque beneficiary are found correct. It is to be hoped that the cheque clearing will be done easily by the Reserve Bank of India's positive pay cheque system and will be free from any kind of frauds that occurred through cheques.