Big news for all customers of the bank this rule will change from January 1
ALL UPDATEDecember 15, 2020
Big news for all customers of the bank this rule will change from January 1 :The Reserve Bank of India (RBI) is changing the rules for payment by check from the first morning of the new year i.e. from January 1, 2021. Under the RBI’s Positive Pay System, some important information regarding payment of Rs 50,000 or more by check has to be re-confirmed.
Big news for all customers of the bank this rule will change from January 1
However, it will depend on the account holders whether they enjoy this facility or not. The decision was taken by the RBI to curb banking fraud in a fast-growing country.
Check fraud will be curbed.
The Positive Pay System is an automated tool that will check and investigate fraud. Under this system, the person issuing the check will have to provide some information related to the SMS check through electronic means such as mobile application, internet banking or ATM. Under this, the date of the check, the name of the beneficiary, the recipient and the amount of payment. After this, this information will be crosschecked before making the check payment.
The check will be stopped if any irregularities are found. The concerned bank branches will also be informed about this. The RBI has said that necessary steps will be taken in such a situation.
Big news for all customers of the bank this rule will change from January 1
New rules will be applied in check clear collection
Banks can make it mandatory in case of checks of Rs 5 lakh and above. Check transaction system (CTS) grid disputes will be accepted only under the new rules.
All banks will have to apply new rules in check clearing or collection. All banks have been asked by the RBI to provide complete information about the new check rule to customers before January 1, 2021.
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