From 2021, the system of payment by check will change

For more than 50 thousand payments, more details have to be given

-Check will be done before paying the amount to the party

New Delhi Dated 26th September 2020 Saturday

From the first day of next year 2021, the system of paying by check was changing. Right now someone gives a check to someone who has to pay. From January 1, there were some changes in the system of payment by check. Everyone needs to know that. It was called the Positive Pay System.

Important information will be required, especially when paying more than fifty thousand rupees. For this, the person issuing the check will have to provide additional information related to the check through means like SMS, mobile app, internet banking or ATM. Before paying the amount to the party in whose name the check is issued, the bank will once again inquire about the name of the person to be paid and the amount written in the check to confirm that the person presenting the check is the same person in whose name the check is written. Arrangements were being made to increase security in this way.

The Reserve Bank of India said the provision, however, would not be mandatory at present. The account holder who needs this facility can ask the bank for this facility. However, the system will be mandatory for checks amounting to Rs 5 lakh or more. The security of big traders and businessmen in particular was expected to increase with this facility.

The Reserve Bank of India has asked banks to inform their customers about this facility via SMS. Report this to the account holders in all your branches on the website and also in the internet banking facility. The positive pay system will be implemented from January 1.