Positive Pay System for Cheques, developed by National Payment Corporation of India (NPCI) involves the process of reconfirming key details of large value Cheque with drawee bank. The details are cross checked in cheque truncation system when it is presented for clearing. If there is any mismatch or discrepancy, is flagged off by CTS to both drawee and presenting bank, who will then take redressal measures.
The details to be reconfimed under positive pay system for cheques includes – beneficiary/payee name, cheque amount, account no, cheque number, cheque date, MICR code.
The Positive Pay System (PPS) was introduced by Reserve Bank of India (RBI) in order to enhance the safety of Cheque based transactions in country. Positive Pay System has been made mandatory for all cheque payments of Rs. 500000/- and above.
Here you will get all details about Positive Pay System – What is Positive Pay System, How Positive Pay System Works, How to Submit Cheque Details for Positive Pay System using Internet/ Online Banking, Mobile Banking, SMS etc. These topics are covered here through various articles.
you can also download Positive Pay Application form PDF for all banks including State Bank of India, Canara Bank, Punjab National Bank, Bank of Baroda , HDFC Bank, ICICI Bank, Axis Bank, Kotak Mahindra Bank etc.
