Positive Pay System - Personal Banking
Positive Pay System
POSITIVE PAY SYSTEM (PPS)
As per Reserve Bank of India directives, Bank has implemented Positive Pay System (PPS) for all modes of cheque payments (Cash/Transfer/Clearing) effective from 01.01.2021. 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.
The Positive Pay System implemented in SBI involves a two-step process as under:
Last Updated On : Thursday, 10-03-2022