Payment by revenge check: RBI made this big announcement, now fraud will be caught

Payment by revenge check: RBI made this big announcement, now fraud will be caught These details will be cross-checked before check payment. The bank will pay the check only if all the details of the check match the given information again. But if the check details are not matched then the bank will stop the payment.

There is going to be a big change in the check payment system from January 1 of the new year on the transaction of money. The central bank, the Reserve Bank of India, has announced the introduction of a positive payment system from January 1, 2021. Explain that under this new rule, the required details on payment of more than Rs 50,000 will need to be confirmed again. Here, tell you what is this new positive payment system? How will this affect your bank transactions?

What is this positive payment system? First of all, we know what is this positive payment system. Under this new rule, the required details on payments above Rs 50,000 will need to be confirmed again. This new rule of payment by check will come into effect from 1 January 2021. Shaktikanta Das, Governor of the Reserve Bank of India, also announced this at the meeting of the Monetary Policy Committee, i.e., MPC, on 6 August this year. 4 4 A positive pay system is a tool to catch fraud The positive pay system is a kind of tool to catch fraud. Under this system, it will be that when someone issues a check for an amount above Rs 50 thousand, then he will have to give full details to his bank again. The issuer of the check will have to inform the bank electronically via SMS, Internet banking, ATM or mobile banking the date of the check, name of the beneficiary, account number, total amount and other necessary information. See also: Big news for customers: Bank will implement this new rule, do not ignore Payment will be stopped if the details of the check do not match After this, these details will be cross-checked before check payment. The bank will pay the check only if all the details of the check match the given information again. But if the check details are not matched then the bank will stop the payment. Here if there is a case of 2 banks i.e. the bank whose check has been deducted and the bank in which the check has been inserted, then both will be informed about it. This will cover about 80 percent of the country’s checks by value through this system. Check will be checked electronically The National Payment Corporation of India (NPCI) will develop a positive pay facility in the Check Truncation System (CTS) and make it available to banks. This system will be applicable to the payment made through the check of 50 thousand or more. Check truncation system (CTS) is a process of clearing checks. In this, the physical checks issued do not have to rotate from one place to another, but are checked electronically. Check truncation makes the process of collection of system checks faster. See also: SBI will give cheaper house: you have a golden opportunity to buy house, complete details here The purpose of implementing a positive pay system The RBI has decided to implement a positive pay system keeping in mind the safety of customers. The motive behind the introduction of this rule by RBI is to prevent misuse of checks. With this system, where payment from check will be safe, clearance will also take less time. It is worth noting that in recent years, large amount of checks were seen in banks by much fraud. It is believed that this system will reduce fraud caused by fake checks. 4 Bank’s responsibility to make customers aware RBI had instructed all the banks that the information about the new rules of check payment, which comes into effect from 1 January 2021, should be conveyed to the customers as soon as possible. According to this directive, all government and private banks are informing their customers about the features of positive pay system through SMS alert, display in branch, ATM, website and online banking.


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