RBI has introduced a new system to increase customer security in check payments and reduce the incidence of fraud due to check leaf tampering.
new Delhi. The Reserve Bank of India (RBI) has changed the rules for high value check clearing. RBI has introduced a new system to increase customer security in check payments and reduce the incidence of fraud due to check leaf tampering. RBI has decided to introduce Positive Pay system for all checks of 50 thousand rupees or more. Under this system, the bank will be contacted for payment of the check based on the information given by its customer at the time of issuing the check.
The system will cover around 20% and 80% respectively, depending on the value and value of the total checks issued in the country. RBI said that operational guidelines will be issued for this purpose.
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How will the new system work?
Under the Positive Pay system, details of the check issued by the account holder such as check number, check date, payee name, account number, amount etc. as well as the front and reverse side of the check before handing the check to the beneficiary Must be shared with the photo of. When the beneficiary deposits the check to be encashed, the check details provided through the bank positive pay will be compared. If the details match then the check will be cleared.
No change in interest rates
The six-member Monetary Policy Committee (MPC-Monetary Policy Committee), headed by the Reserve Bank of India Governor Shaktikant Das, has given the verdict on interest rates. There was no change in interest rates. However, speaking of this year, the Reserve Bank has cut interest rates by 1.15 percent 2 times in view of the lockdown.
