The system, developed by the National Payments Corporation of India (NPCI), mandates a customer issuing the high-value cheque to reconfirm some essential details which are cross-checked while presenting the cheque in clearing before payment.
RBI governor Shaktikanta Das had earlier announced that ‘positive pay system’ for cheque will be introduced soon, under which re-confirmation of key details will be needed for payments beyond ₹50,000.
In order to check banking fraud, the Reserve Bank of India has decided to introduce from January 1, 2021, the 'positive pay system' for cheque, under which re-confirmation of key details may be needed for payments beyond Rs 50,000.
The government could withdraw the cheque book facility to push debit and credit card transactions, a senior trade body official said.
Mumbai: To clamp down on cheque-related fraud cases, the Reserve Bank of India (RBI) on Wednesday asked banks to alert account holders by a phone call and contact the base branch in case of non-home
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