Positive Pay System
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As per Reserve bank of India Notification No. DPSS.CO.RPPD.No.309/ 04.07.005/2020-21 dated September 25, 2020.
Bank of India has introduced and implemented the Centralised Positive Pay System (CPPS) for cheques of Rs 50,000/- and above for CTS w.e.f 01st January, 2021 in a bid to enhance safety and eliminate cheque related frauds by reconfirming key details of large value cheques.
The Customers need to share the following details of the issued cheque immediately to the bank
- Drawers Account Number
- Cheque Number
- Cheque Date
- Amount
- Payee's Name
Now, Bank has decided to make Positive Pay System (PPS) mandatory for cheques of Rs 5.00 lakhs & above for CTS w.e.f 01.01.2022 with following customer specific relaxations:
- Government account holder has been allowed to send scanned copy of PPS requisition slip through their registered email ID duly authorized by their authorized signatories to their home branch.
- Bulk facility for Corporate/Government/Institutional customers has been extended by allowing to submit cheque details in prescribed excel sheet duly verified by their authorized signatories to their home branch from their registered e-mail id or through branch channel (Home Branch Only).
