2 min read.Updated: 10 May 2022, 08:07 AM ISTLivemint
SBI Positive Pay System: The concept of Positive Pay involves a process of reconfirming key details of large value cheques
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To safeguard against bank frauds, the Reserve Bank of India (RBI) has directed banks to implement the Positive Pay System (PPS) for all modes of cheque payments effective 1st January 2021.
What is SBI Positive Pay System for cheque payments
The concept of Positive Pay involves a process of reconfirming key details of large value cheques. Under this process, the issuer of the cheque will be required to submit certain details to SBI either through SMS, mobile app, internet banking or ATMs. Certain minimum details of that cheque (like date, name of the beneficiary/payee, amount, etc.) to the drawee bank, details of which are cross-checked with the presented cheque by CTS.
SBI Positive Pay System: How to modify/register/de-register
-On home page, click on Request & Enquiries tab.
-Under Request & Enquiries tab, click on Cheque Book Services.
-Select Positive Pay System in Cheque Book Services.
-Under Positive Pay System option, click Modify/De-Register tab and select Account Number and Action as Modify from the drop down button. Then Submit.