Actually, from September 1, 2021, the system of check clearing in Axis Bank is changing. Axis Bank has informed its crores of customers about this by SMS.
If you use the checkbook of the country’s largest private bank Axis Bank, then you must read this news. Actually, from September 1, 2021, the system of check clearing in Axis Bank is changing. Axis Bank has informed its crores of customers about this by SMS. Positive pay details will have to be given one working day before the check is cleared from September 1. Failure to do so will result in your check being returned. If the check is not cleared, you may have to bear the loss.Also Read: Best internet plans of Jio, Airtel and BSNL! 200Mbps speed and many benefits will be available at a low price
Let us tell you that from January 1, 2021, the new Positive Pay System has been implemented for checks in the country. Positive Pay System is an automated fraud detection tool. The purpose behind bringing this rule by RBI is to prevent misuse of cheques.
Required for payment of Rs 5 lakh or more through check
In an SMS sent to customers, Axis Bank said, “From September 1, 2021, checks of Rs 5 lakh or more will be returned, if you do not provide positive pay details before one working day from the check clearing date.”Also Read: CBDT refunds 49696 crore to 22.75 lakh taxpayers this fiscal
How does Positive Pay System work?
Through this system, check information can be given through SMS, mobile app, internet banking and ATM. These details will be re-verified before making payment of the cheque. If any discrepancy is found in it, the bank will reject that check. Here if there is a case of two banks i.e. the bank whose check has been deducted and the bank in which the check has been inserted, then both will be informed about this.
Positive Pay System is to provide protection against fraud in clearing of checks under check truncation system. Check Truncation System is a process of clearing cheques. This makes the process of collection of checks faster.Also Read: SBI issue toll free number for many services customers save and check these number here
National Payment Corporation of India (NPCI) is providing positive pay facility in Check Truncation System (CTS) to banks. This system will be applicable on payment through check of 50 thousand or more amount.
