Indian Bank makes high-value cheque verification system mandatory
The Hindu
Indian Bank said as per RBI guidelines, it had introduced a positive pay system for cheques of ₹2 lakh and above from January 1, and this will now now be mandatory from August 15
Chennai-based Indian Bank has made the Positive Pay System, a process of reconfirming the key details of large value cheques, mandatory from August 15. In order to safeguard against cheque frauds, Reserve Bank of India had issued guidelines to the banks to implement this system from January 1, 2021. It told banks to enable the facility for all account holders issuing cheques for amounts of ₹50,000 and above. It has also said that while availing of the facility is at the discretion of the account holder, banks may consider making it mandatory in case of cheque values of ₹5 lakh and above.More Related News