Sunday, July 3, 2022

Bank News: At The Beginning Of September 1st, the check clearing system will change! If this information is not provided, the check will be returned

If you are an Axis Bank customer, you should be aware of certain vital information. If you use an Axis Bank checkbook, you should be aware of this information. The check clearing method at Axis Bank will be changing on September 1, 2021. Customers of Axis Bank have been notified via SMS. From September 1, positive pay details must be provided one working day before the check is cleared. If you do not comply, your check will be returned.

Fraud Detection Tool that is Automated

It’s worth noting that the country’s new Positive Pay System for checks went into effect on January 1, 2021. Positive Pay System is a fraud detection system that is automated. The goal of this restriction, according to the RBI, is to tighten the noose around the misuse of checks. Customers have received SMS messages from the bank as a result of this. “From September 1, 2021, cheques of Rs 5 lakh or more will be returned if you do not furnish good pay details before one working day from the check clearing date,” Axis Bank said in an SMS to customers.

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What is the Positive Pay System, and how does it work?

The purpose of the Positive Pay Method is to protect against check fraud when using the check truncation system. The Clearing Check Truncation System is a method of clearing checks. This makes the check collection procedure go more quickly. The National Payment Corporation of India (NPCI) offers banks a positive pay option through the Check Truncation System (CTS). This technique will be used when payment of 50,000 or more is made via check.

What is the Positive Pay System and how does it work?

Check information can be sent by SMS, mobile app, internet banking, and ATM using this technique. Before the cheque is paid, these details will be double-checked. If there is a disparity, the bank will reject the cheque. If there are two banks involved, the bank from which the check was deducted and the bank from which the check was inserted, both will be notified.

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