Changed rules / rules for payment by check, RBI will implement the new system from January 1
◆This rule will change from January 1, find out today
◆ The RBI has decided to introduce a positive payment system from January 1 to avoid fraud. Based on this, checks with payment of more than Rs 50,000 will be re-examined. The bank may make this arrangement mandatory for checks amounting to Rs 5 lakh and above.
◆ RBI will implement the new rule will come into the rule of check payment from January 1
◆ Special measures taken by RBI to prevent change fraud
◆ Based on the positive payment system, the check issuer will have to provide some information about the check through electronic means like SMS, mobile app, internet banking or ATM.
◆ It includes the date, name of the beneficiary, recipient and amount
◆ Information must be provided. If the information is different, action will be taken to verify it before passing this check. Any errors or changes will be reported to the Check Transaction System. The issuing bank and the presenting bank will have to be informed and then action will be taken to reject it.
◆ This rule may be applicable on amount above Rs. 5 lakhs. The National Payments Corporation of India will develop a positive l payment facility and provide it to the participating bank. The RBI said the bank would then apply it to account holders for payments of Rs 50,000 and above. Account holders will decide to avail this facility. The bank can do this in case of an amount of Rs 5 lakh or more. The central bank said the positive payment system would come into effect from January 1, 2021. Banks will have to inform the customers about this with the help of SMS. It will have to provide information on branches, ATMs as well as website and internet banking.
