Positive Pay: confirm large cheques before they clear
- What changed
- Banks must offer Positive Pay on cheques of ₹50,000 and above, and may make it mandatory from ₹5 lakh.
- At the branch
- Before passing a cheque of ₹50,000 or more, match it with the details the customer confirmed.
- Exam angle
- JAIIB PPB, Module C: Banking technology and the Cheque Truncation System.
Source: RBI, Positive Pay System for CTS, in force from 1 January 2021.