As per the new Positive Pay System, the issuer must electronically transmit certain information to the drawee bank via SMS, mobile banking, internet banking, ATMs, etc., such as the beneficiary’s name, the date of issue, etc. Later, while processing payments, the details will be double-checked.
New Delhi: RBI introduced a Positive Pay System for the cheque of Rs 5 lakh or above previously. The cheque clearance system came into effect on August 1. Many banks including SBI have implemented this system to safeguard against cheque fraud. As per the new updates, customers have to follow the new rule for cheques of Rs 5 lakh or above to be encashed.
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As per the new rule, the issuer must electronically transmit certain information to the drawee bank via SMS, mobile banking, internet banking, ATMs, etc., such as the beneficiary’s name, the date of issue, etc. Later, while processing payments, the details will be double-checked. (Also Read:
SBI customers who want to utilise the service must first submit an application in the required forms at one of our branches to register their cheque-operated accounts for the Positive Pay System. Additional channels, such as Mobile Banking (YonoLite), Retail Internet Banking (RINB), Corporate Internet Banking (CINB), and YONO, are accessible for registration (Mobile App).
How to submit an SBI Positive Pay online using the SBI YONO App:
– Open the Yono SBI lite app and login into it.
– Click on the ‘Service’ menu.
– Now select “Positive Pay System.”
– “Cheque Lodgement Details” should be clicked.
– Please choose your account number.
– Fill out the appropriate details like a check number, date of issue, and check amount.
– Finally submit it.
How to submit an SBI Positive Pay using Mobile Banking:
The text format should be like this –
CHQL Cheque NoAmountDate of Issuance in
DDMMYYYYY/N (Multi City/Normal)Beneficiary Name and send it to +917208933145. Keep in mind that this service is available only for customers who have registered for SBI Quick.
How to submit Positive Pay in SBI through Net Banking?
– Open Net Banking and log in using credentials.
– Go to the Cheque Book Services section. Select Positive Pay Services.
– Fill out the appropriate details like a check number, date of issue, and check amount.
– Finally submit it.
After completing PPS formalities, the details will be cross-checked at the positive pay portal.
