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Job news for SBI customers, rules of positive pay system will be applicable for large payments by check

State Bank of India has implemented the new system for issuing checks from January 1, 2021. According to the new system, the details required to pay more than Rs 50,000 have to be reconfigured. Let us know that the new Positive Pay system has been active since January 1st.

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SBI shared the information on Twitter and said that we are launching a new positive pay system based on RBI guidelines. In this, the issuer of the check has to provide the account number, check number, amount of the check, name at the time of payment.

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SBI wrote that by securing your transactions through checks, SBI has started the process of positive pay system from January 1. Contact your nearest SBI branch for more information.

Explain that the Reserve Bank of India has decided to implement a positive pay system to facilitate check based transactions, this new rule has come into effect from 1 January 2021. More emphasis will be placed on reducing fraud cases through these new rules. In addition, RBI banks have advised their customers to be aware of this rule.

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Some of the information needed to be re-verified before making a large payment by check through a positive pay method. The person issuing the check will provide some necessary information to Dry Bank through electronic means like SMS, Internet Banking, Mobile Application, ATM.

These details will match the CTS. This facility is being developed by National Payment Corporation India

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