NEW DELHI: The new ‘Positive Pay’ mechanism introduced by the Reserve Bank of India (RBI) will make cheque payments safer and reduce instances of frauds. Issuers will be able to send all details to their bank, thereby ensuring faster clearance of cheques above Rs 50,000.
All cheques will be processed as per the information sent by the account holder at the time of issuance of cheques. This will cover approximately 20 per cent of transactions by volume and 80 per cent by value. The RBI will outline operational guidance in this regards too.