SBI Issues Alert: Key Considerations for Cheque Users
State Bank of India (SBI) has issued a vital advisory for both cheque issuers and payees, shedding light on the significance of the positive pay system in cheque transactions.
Despite the surge in online transactions, cheques remain a popular mode of payment.
However, in response to the growing menace of cheque-related frauds, the Reserve Bank of India (RBI) introduced the positive pay system two years ago.
SBI’s Positive Pay System
SBI’s Positive Pay System stands as a testament to the bank’s commitment to safeguarding financial transactions.
This innovative security measure acts as a bulwark against cheque frauds, including tampering attempts.
By facilitating meticulous verification of cheque details, this system adds a crucial layer of security to cheque processing, payment, transfer, and clearance procedures.
Positive Pay System Steps
SBI’s Positive Pay System involves a seamless two-step process: account registration and cheque deposit.
For customers intending to harness the protective benefits of the positive pay system, a straightforward application to the bank is necessary.
This one-time registration can be conveniently carried out through multiple channels, including Internet Banking, Mobile Registration Banking, and the YONO App.
Mandatory Application of Positive Pay System
Notably, the positive pay system becomes obligatory for cheques valued at Rs.5 lakh or above in the case of savings accounts, and for cheques amounting to Rs.10 lakh or more in accounts like current account, cash credit, and overdraft.
Informing the Bank for Enhanced Security
When a customer issues a cheque, it becomes paramount to notify the bank.
Key details such as account number, cheque number, cheque date, specified amount, beneficiary’s name, and the name of the issuing bank should be provided.
This crucial information can be communicated to the bank through diverse channels such as internet banking, mobile banking, and SMS services.
In an era characterized by ever-evolving financial threats, SBI’s proactive adoption of the positive pay system exemplifies the institution’s dedication to securing its customers’ transactions.
By promoting transparency, accountability, and heightened security, SBI underscores its role as a trusted guardian of its customers’ financial interests.
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