cheque truncation system: GK, General Studies and Current Affairs

RBI to introduce Positive Pay System to check Cheques

The Reserve Bank of India is to introduce “Positive Pay System” from January 2021. The system makes it mandatory to re-confirm key details of cheques that need payments beyond Rs 50,000. Highlights Under the new system, the issuer of the cheque will have to submit details of the cheque such as name of the beneficiary, ..