Are you going to work with Check Payment? Take care of these things due to the new rules

Check Payment New Rule: On the instructions issued by the Reserve Bank of India (RBI), the bank is implementing a positive payment system for payment by check, which is of great use to all.

Check Payment New Rule: Ever since the start of transaction transactions in the country, since then till date, the transaction of cash has started decreasing significantly. This has started happening more after demonetisation and Kovid. Internet, mobile banking is being used very fast. Apart from this, many people have also started using check payment. If you also do work related to check payment, then this news is very important for you. On the instructions issued by the Reserve Bank of India (RBI), the bank is implementing a positive payment system for payment by check, which is of great use to all.

RBI New Rules

Punjab National Bank has been the first to adopt this new system issued by the Reserve Bank of India. PNB is going to make changes in the positive payment system. The bank has given information related to this on its official site and Twitter account. From April 4, under the new rule, it will be necessary for customers to verify the Positive Pay System for making payments of Rs 10,00,000 or more through check.

These banks adopted these rules

Apart from Punjab National Bank, there are many government banks, which have implemented this rule. This includes all these banks including State Bank of India (SBI), Bank of Baroda (BOB), Bank of India (BOI), Axis Bank, HDFC Bank, ICICI Bank.

What is Positive Pay System?

Positive Pay System is being introduced by RBI to prevent banking frauds. RBI had decided to start PPS in the year 2020. Actually, whenever a customer goes to make a payment of more than 50 thousand rupees, then he will definitely have to give key information related to it, because after that payment success will come.

SBI had implemented the rules in the year 2020

The country's largest bank SBI has implemented this security system issued by RBI from January 1, 2020. Under this system, the details of the check can be given through Mobile App, Internet Banking or ATM.