RBI Guv announces ‘positive pay’ feature to help avert cheque frauds

MUMBAI:  RBI Governor Shaktikanta Das on Thursday said that the banking system will move to a “positive pay” practice in cheque transactions to curb frauds.

Under the ‘positive pay’ system, a customer who issues the cheque clicks a picture of the cheque before handing it over to the beneficiary and uploads the same on the bank’s mobile application.

“To enhance safety of cheque payments, it has been decided to introduce a mechanism of ‘Positive Pay’ for all cheques of value Rs 50,000 and above,” Das said after announcing the bi-monthly policy review. (AGENCIES)