Beneath the positive pay component, the cheque backer, i.e., you’ll, be required to confirm certain points of interest of the cheque issued by you to guarantee that it is cleared i.e., handled and charged from your bank account.
In the event that you are doing not have Web keeping money get to for your savings bank account, at that point you will discover it monotonous or awkward to issue cheques over Rs 50,000 in esteem depending on the bank on which it is drawn. Typically since a few banks, such as Pivot Bank, have made positive pay framework obligatory for tall esteem cheques whereby clients are required to educate the bank approximately the cheque subtle elements by means of net/mobile keeping money or physical visit to the department. The bank must be so informed prior to the cheque being displayed for clearing else the cheque will not be rejected. This will make issues for individuals, particularly senior citizens, who have not taken get to to net/mobile managing an account either due to security concerns or due to newness with electronic exchange strategies.
A few other banks, such as State Bank of India (SBI), Kotak Mahindra Bank, have too begun executing the positive pay framework for cheques over Rs 50, 000 but these banks have made it discretionary for clients. A few of the banks executing positive pay have begun calling the client who has issued the tall esteem cheque to confirm the points of interest. This strategy would clearly be more customer-friendly as the last mentioned would not be excessive burdened. Be that as it may, guarantee that call is picked up or else cheque will be rejected from clearing.
The positive pay framework may be a handle of reconfirming the key points of interest of high-value cheques.
The Save Bank of India (RBI) had coordinated banks to execute this framework from January 1, 2021, to protect against cheque frauds.
Many banks have as of late begun sending SMS and emails to their clients educating them around the execution of the unused framework.
For occasion, Kotak Mahindra Bank has sent an e-mail to its clients advising them that they can presently make utilize of the office of positive pay for issuing cheques producing to Rs 50,000 and over. Be that as it may, Pivot Bank has educated its clients through SMS that with impact from September 1, 2021, cheques issued for sums over Rs 5 lakh will mandatorily ought to go through the positive pay check.