New Delhi. The rules related to bank accounts are changing from time to time.
The Reserve Bank of India frequently changes the rules to make banking transactions safe. Under this, RBI has issued rules to make Cheque payment more secure, which banks have been instructed to implement from September 1. According to this rule of banks, at the time of Cheque payment, the account holders will have to give some information to the banks along with issuing the Cheque. From September 1, on the instructions of RBI, it has been decided to implement the positive pay system of banks.
The new rule will be applicable from September 1
Most of the banks are going to implement the positive pay system from 1st September. This information is being given to the account holders by Axis Bank through email, SMS. Account holders are being informed about the new rule. Before issuing the Cheque from September 1, account holders will have to give all its details to the bank first. If you do not give full details of the Cheque to the bank in advance, then the bank can cancel the Cheque.
These banks implemented the rules
Along with Axis Bank, many public sector banks are going to implement the positive pay system. Under the new positive pay system, if you pay an amount of Rs 50000 or more by Cheque, you will have to give information related to the Cheque to the bank, including the date of the Cheque issue, the amount, to whom the Cheque is being issued, to the bank in advance.
Have to give Let us tell you that the positive pay system will be applicable on the amount of 50000 or more. At the same time, some banks have kept it 5 lakhs, while SBI, Kotak Hindra Bank have kept the positive pay system at more than Rs 50000.
Cheque will be rejected
RBI announced the Positive Pay System under the Cheque Transaction System, according to which banks were instructed to implement the Positive Pay System at their convenience for an amount of Rs 50,000 or more. Under this rule of RBI, before issuing the Cheque, account holders will have to inform the bank first.
You can inform the bank about the Cheque through net banking, SMS, phone. When the Cheque reaches the bank for clearance, the bank will verify the information given by you and the information given on the cheque. If both the information is found correct, then that Cheque will be cleared, else it will be rejected.
This is an unnecessary headache to the common man. Just a way to cancel the Cheque and charge cancellation fees, bounced payment and what not. What is the intention for doing this?
Absolutely disgusting system advised by RBI. All systems are online, then why this additional burden of one more activity. This will create more problems at clearance like non receipt of sms, may be delayed, staff has additional burden of one more activity of checking sms, NetBanking etc. Where are we heading with such kind of conditions. God help us.
Only Positive pay rules must be an option for the consumer to exercise. Should not be compulsory.
I don’t think the banks are capable of handling this requirement. RBI must first ensure that the basic fundamentals of the Bank are in place with regards to systems and processes. For eg Axis Bank wants to implement the system but unfortunately they don’t even have proper internal controls, system in place or even the ability to ensure minimum level of KYC or customer account reconciliation is done. These things are way beyond the capabilities of banks like Axis Bank who don’t even have the basics covered.