Big news for SBI Account Customers! These rules will be applicable on large payments from January 1

State Bank of India (SBI) is going to implement Positive Pay Systemt from January 1.

Under this new system, some important information will have to be reconfirmed before payment of more than Rs 50,000 through check. RBI has issued guidelines in this regard.

new Delhi. The country’s largest bank i.e. State Bank of India (SBI) is going to implement a new system for cheque payments from next month. Under this new system, some necessary details will have to be reconfirmed to pay more than Rs 50 thousand through check. This system will be implemented from 01 January 2020. RBI has also issued a guideline regarding this, stating that from 1 January 2020, the ‘Positive Pay System’ will be implemented to help check issuers avoid fraudulent payments at the time of payment. .

Under this new system, now the issuer of the check will have to inform the bank about the account number, check number, check amount etc. SBI has asked its customers to choose the option of positive pay system. If they need any information about this, then they can go to the nearest bank branch.

Also Read: BREAKING NEWS Cheque Payment Rules : Cheque Payment Rules Will Change From January 1, Learn The Important Things

A few months ago, the Reserve Bank of India (RBI) has decided to implement a positive pay system for cheque payments. RBI Governor Shaktikanta Das announced this after the August MPC meeting. He said that this step is being taken to reduce the fraud that occurs at the time of check payment. The central bank has also instructed all banks in this regard to spread awareness among customers at their level.

What is positive pay system?

Positive pay system is a kind of new system, in which it will be mandatory to double confirm some important information before making a big payment through check. Under this process, the person issuing the check will also provide some necessary information to the drawee bank through electronic means like SMS, mobile app, internet banking, ATM etc. In this, information about the date of the check, beneficiary’s name, amount, check number etc. will have to be given. These details will be matched by CTS. In case of any disturbance, the drawee bank and the issuing bank will be informed about this.

Earlier, SBI had informed its customers about a new facility regarding check book. This government bank had said that now their customers can get their check book delivered to any address of their choice. SBI had said, “You can get the delivery of check book to your preferred address in a few steps through our internet banking service.”