Big news for SBI customers! The bank has changed this rule regarding check payment, find out what effect it will have on you – STD10.NET

Big news for SBI customers! The bank has changed this rule regarding check payment, find out what effect it will have on you

Big news for SBI customers: With the start of the new year, the method of check payment has also changed. State Bank of India (SBI), the country’s largest government bank, has introduced a new rule on check payments. The bank has implemented ‘Positive Pay System’ from today. Under the new rule, if you are going to pay more than Rs 50,000 by check, you will have to inform the bank after deducting the check. This will help the check issuer to avoid fraud in payment time.

 

Changes in check payment rules
It may be recalled that RBI Governor Shashikant Das had announced the implementation of the new system at a meeting of the Monetary Policy Committee (MPC). Accordingly, if you make a payment of more than Rs 50,000 by check, you will have to provide complete information to the bank again. Failure to do so may result in suspension of your payment.

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    What is a positive pay system
    First of all you need to know what a positive payment system is. Under the new rule, details required for payments above Rs 50,000 will need to be re-confirmed. This new rule for payment by check will come into effect from January 1, 2021. The announcement was also made by Reserve Bank of India Governor Shaktikant Das at a meeting of the Monetary Policy Committee (MPC) on August 6 this year. Big news
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