Hirabaug, Khattarali Lane,
C.P. Tank,Mumbai – 400 004.
Tel No.2382 4374 / 2386 4389 (Tel/Fax)
Download & Install mobile app for PPS by clicking below link
Positive Pay is a process of validating/confirming the key details of cheques to deter Cheque frauds (applicable on high value cheques amounting Rs 50000/- and above
The term positive pay refers to an automated cash-management service used by financial institutions to deter check fraud. Banks use positive pay to match checks issued by companies with those it presents for payment. Checks that are considered suspicious are sent back to the issuer for examination.
Positive Pay System-Key Features
- Positive Pay is a process of validating/confirming the key details of cheques to deter Cheque frauds (applicable on high value cheques amounting Rs 50000/- and above). Please refer to the RBI’s circular number RBI/2020- 1/41/DPSS.CO.RPPD.No.309/04.07.2005/2020-21, issued on September 25th , 2020
- Customers are requested to submit in advance the key details of cheques issued to the beneficiaries so that Bank can pass cheque in CTS clearing without contacting the customers. In case of any mismatch Bank can reject the cheque or take suitable action to prevent wrong payment or fraud.
- The Positive Pay facility in our Bank is available free of cost.