Cheque payment- Most of the banks will implement this rule of RBI from 1st September.
If you do not have internet banking facility for your savings bank account, then issuing Cheques of value above Rs 50,000 can be cumbersome for you. This is because banks have now started implementing the Positive Pay System (PPS). Most banks will implement the positive pay system from September 1.
Significantly, the Reserve Bank of India (RBI) had announced a positive pay system for Cheque Transaction System (CTS) in August 2020. According to this rule, banks can apply this facility to all account holders for Cheques with an amount of 50 thousand or more as per their wish.
Cheque will be rejected
Under this rule of RBI, you have to inform the bank about this before issuing the Cheque otherwise the Cheque will not be accepted. Your Cheque will be rejected. However, this rule may cause problems for senior citizens who do not use the services of net banking or mobile banking.
These banks rules enacted
Reminder Axis Bank (Axis Bank), including some banks have 50 thousand PPS for more Czech than the mandatory under which customers Net Bank / go mobile banking or branch Czech Sex Will have to give State Bank of India (SBI), Kotak Mahindra Bank has also implemented the positive pay system for Cheques above Rs 50,000. At present, these banks have kept it optional for the customers. Explain that the purpose of implementing this rule is the safety of the customers. This system will prevent Cheque fraud.
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