New Checkbook Rules: The State Bank of India (SBI) is the largest public sector bank and has a huge customer base. Millions of people trust the biggest public lenders with their money. As a result, SBI continues to upgrade its systems to secure funding, making transactions more secure and transparent. Public lenders are ready to deploy the Checkbook Positive Pay System (PPS) from January 1st to ensure the safety of their customers.
The SBI’s action will take place after the Reserve Bank of India (RBI) has ordered the banks to start a “positive payment system” for checks from January 1, 2021. With the introduction of the positive pay system, customers will need to reaffirm important details of payments over Rs 50,000. The RBI leaves it up to the public to decide whether or not to use this facility. However, for checks over Rs 50,000, banks may consider making it mandatory.
SBI visited Twitter and posted: “Keep all transactions safe, including those made on checks. SBI has introduced a positive pay system since January 1, 2021 to secure check payments. For more information Please contact your nearest SBI branch. #SBI #StateBankOfIndia #PositivePaySystem # PPS # CheckPayment. “
This new check payment system requires check issuers to submit specific details to SBI, which are cross-checked before the check is presented for payment. The Check Truncation System (CTS) flags discrepancies found in both the addressee and the presenting bank. Therefore, banks can address this issue.
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For the same SBI tweet, “Positive Pay System wef 1 / to enhance security if the check issuer needs to provide the account number, check number, check amount, check date, and payee in accordance with RBI guidelines. Introduced 01/2021 / Beneficiary names and product types (multi-city and non-multi-city).
SBI Launches New Checkbook System Starting January 1st | Everything You Need to Know About RBI's Positive Pay System to Stop Bank Fraud
Source link SBI Launches New Checkbook System Starting January 1st | Everything You Need to Know About RBI's Positive Pay System to Stop Bank Fraud