Positive Pay Mechanism
- The Reserve Bank of India (RBI) has decided to introduce a mechanism of Positive Pay for all cheques of value Rs 50,000 and above as a measure to enhance the safety of cheque payments.
- Positive Pay will cover approximately 20% and 80% of total cheques by volume and value, respectively.
- At present, ICICI Bank is one of the banks that offers this facility. It had introduced this feature for its own customers in May 2019, to safeguard the cheques, especially high-valued ones, issued by account holders.
Need for Positive Pay Mechanism
- For clearing cheques, the Cheque Truncation System (CTS) is operational ....
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