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What did the Reserve Bank say?
That’s right, what changes has RBI brought? Let’s see how SBI has implemented it. According to the new rules of the Reserve Bank, under this scheme, the information required for checks above Rs. 50,000 will have to be re-confirmed. It said it should be done at the customer’s discretion.
Czech Rules of the Reserve Bank
These rules will help make check issuance safer and prevent fraud. Because once again the information will be confirmed to the bank customers. Especially
The issuer of the check must return the date of the check, the name of the recipient and the amount paid. The person issuing the check can also provide this information through electronic means such as SMS, mobile application, internet banking or ATM.
Action when needed
These details will then be cross-checked again before the check is paid. If any of the information in it is a mismatch, the transaction will be suspended. The Reserve Bank said in a statement that necessary steps would be taken in such a crisis situation.
Terms may be mandatory
Banks will also use this new procedure for all transactions of Rs 50,000 or more and for all account holders who issue checks. However, banks can enforce these rules for checks of Rs 5 lakh and above.
Positive Pay System
The National Payments Corporation of India will develop a positive pay system at CDS and make it available to banks. Issuing checks for amounts of Rs 50,000 and above. Banks will implement this for all bank account holders. The RBI had said that banks were advised to create adequate awareness among their customers about this method through SMS, advertising in banks etc.
Terms of SBI
As per the instructions of the Reserve Bank, SBI has to re-confirm the details of high value checks. Also the issuer of the check. You can report it on SMS, Mobile Off, Internet Banking, ATMs. In addition, the details of the payee and the details provided by the payer of the check will be compared.
SBI said in a statement that it would take appropriate action if any of the details were found to be incorrect during such an investigation.
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