SBI Positive Pay System: Banks across private and public sectors implement the Positive Pay System as per Reserve Bank of India guidelines to prevent frauds. Recently, the State Bank of India, the country’s largest lender, has asked its account holder to register for the SBI Positive Pay System. This is done to ensure that the customer has the ultimate safety while dealing with high-value transactions. The State Bank of India, with its Positive Pay System, will shield you from any cheque frauds
“Register for Positive Pay System and provide cheque details to prevent cheque frauds. Please contact any branch or visit our website bank.sbi for details-SBI,” an SMS said by the bank reads.
At present, SBI Positive Pay System can be activated for any amount depending on customers’ risk perception, and has not been made mandatory. “However, Bank is planning to make Positive Pay System mandatory for Savings Bank account cheques of Rs 5 lakhs and above and all other account type (Current Account/Cash Credit/Overdraft) cheques of Rs 10 lakhs and above. As such, once the mandatory clauses are made effective, maximum account level limits which can be selected would be the amounts mentioned above,” said SBI on its website.
As per Reserve Bank of India directives, the SBI has implemented Positive Pay System (PPS) for all modes of cheque payments, including cash, transfer, and clearing, with effect from January 1 last year. “This is a measure for prevention of frauds perpetrated through cheque tampering/alteration. Positive Pay System involves re-confirming of key details of the cheque by drawer to the Bank, which would be cross-checked with the presented cheque at the time of payment processing,” said the bank.
Apart from going to branches, the SBI Positive Pay System can be activated through these ways:
– Retail Internet Banking (personal)
– Corporate Internet Banking (Saral)
– Corporate Internet Banking (Admin)
– Mobile Banking (YonoLite)
– YONO (Mobile App)
Once registered for PPS, customers need to provide following details of cheques issued for and above account level limit selected to Positive Pay System:
– Account Number
– Cheque Number
– Cheque Date
– Cheque Amount
– Beneficiary (Payee) Name
– Instrument Type (Two-digit number on right bottom on MICR band)
“Effective from the date of implementation of mandatory clause in PPS, cheques for amounts equal to & above account level limit/ Savings Bank cheques of Rs.5 lakhs and above/ All other account type (CA/CC/OD) cheques of Rs.10 lakhs and above for which correct lodgment details are not provided in Positive Pay System would be returned unpaid,” said the SBI.