Axis Bank has started positive pay system, a day before the check is cleared, the bank will have to give information about the positive slip
Tomorrow i.e. from 1st September, many rules related to checks are going to change. If you are an account holder of Axis Bank, then you should read this news carefully. With effect from September 1, 2021, the system related to check clearing in Axis Bank is changing. This information was given by the bank to the customers through SMS. According to the new rule, one working day before the check is cleared, you will have to provide the details of the receipt of positive pay. If you don’t do this, your check return will come.
Let us tell you that before this big banks like State Bank of India, Bank of Baroda, HDFC Bank and ICICI Bank have taken this decision. Talking about this, RBI said that the main purpose of bringing this rule is to tighten the coin on misuse of cheques. In the SMS sent to the customers, the bank said that if the positive pay receipt is not shown a day before a working day, then checks of 5 lakhs or more will be returned.
Positive Pay System will protect against fraud in check clearing under check transaction system. Check Transaction System is a process of clearing cheques. This facility is provided by the National Payment Corporation to the banks. In this system, checks of value of 50 thousand or more can be applied.