SBI: State Bank of India (SBI) has also been running positive pay system for a long time. SBI Positive Pay System is a security measure implemented by the bank to prevent cheque frauds. This has proven useful in preventing fraud such as cheque tampering.
SBI: SBI cheque State Bank of India (SBI) has issued a warning to cheque issuers and cheque payees for transactions. Despite the increase in online transactions, there are still many people who give cheques for transactions. However, the Reserve Bank of India (RBI) introduced the positive pay system two years ago due to the increasing incidents of frauds in cheque transactions. This method is useful to prevent fraud in transactions like cheque receiving and paying, cheque transfer and cheque clearing. State Bank of India (SBI) has also been running positive pay system for a long time. SBI Positive Pay System is a security measure implemented by the bank to prevent cheque frauds. This has proven useful in preventing fraud such as cheque tampering.
In the positive pay system, the bank will have to re-verify the cheque information. This information is required at the time of cheque processing and payment bank cross cheque. Positive pay processing prevents cheque fraud. There are two steps in SBI Positive Pay System. The first is account registration and the second is cheque deposit.
Ensure safe and secure payments with Positive Pay System.
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Customers who want to use the positive pay system will have to apply through the prescribed form in the bank and do a one-time registration. This can also be done through Internet Banking, Mobile Registration Banking and YONO App. Positive Pay System is mandatory for cheques of Rs.5 lakh or more in case of savings account and Rs.10 lakh or more in case of accounts like current account, cash credit, overdraft etc.
If the customer gives the cheque to someone, then it is necessary to tell this information to the bank. Account number, cheque number, date of cheque, amount written on cheque, name of beneficiary and name of bank are required to be mentioned. This information can be reported to the bank through internet banking, mobile banking and SMS.
