Explained: The new safety features in cheques above Rs 50,000

Srishti P
·2 min read

Starting this year, the Reserve bank of India has introduced the ‘Positive Pay System’ for transactions through cheques above the sum of Rs 50,000. The changes have been done to increase safety and reduce the number of frauds.

Positive Pay System

Through this system, important details of the cheque (like name of the beneficiary/payee, date, and amount), which will be sent by the issuer of the cheque, would be reconfirmed by the drawee bank through SMS, Internet Banking, ATM, or Mobile App.

These details sent by the cheque issuer would be cross-checked by the Cheque Truncation System (CTS).

The cheque details would be checked against the details provided to the bank through the Positive Pay system, at the time the beneficiary encashes the cheque.

If any issue or discrepancy is found by the CTS, that issue/discrepancy would be flagged to both the drawee and presenting bank.

Share of Positive Pay in overall transactions

The new Positive Pay system is set to cover about 20 percent of overall cheques issued in the country by volume, and about 80 percent of overall cheques in value.

The current Cheque Truncation System (CTS) covers only 2 percent of overall cheques issued in the country by volume, and just 15 percent of the overall cheques in value.

With the new system, RBI aims to have better scrutiny and more safety features for both the banks and its customers.

Reason for implementation

Banks have recently witnessed a huge surged in fraudulent activities vis a vis high-value cheques. Therefore, the RBI, on August 6, 2020, formally announced the new ‘Positive Pay’ system to mitigate the risk for the banks, and also allow the bank’s customers to rectify any error they have made while writing the cheque.

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