SBI to implement positive pay system w.e.f 1 January 2021

SBI will implement the positive pay system for cheques from January 1 next year. In this for additional security, the cheque issuer now needs to provide account number, cheque number, cheque amount, cheque date payee name with respect to the cheque payments. In August RBI Governor Shaktikanta Das announced the positive pay system to keep customers’ accounts safe and to decrease crimes due to cheque frauds. RBI has advised Indian banks to create ample awareness about this system among their customers.

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