All things considered, from September 1, 2021, the arrangement of checks going through in Axis Bank is evolving. Axis Bank has educated its clients about this by SMS so that they don’t face trouble. Positive compensation subtleties should be given one working day before the check is gone through from September 1. Inability to do as such will bring about your check being returned. On the off chance that the check isn't gone through, you might need to bear the misfortune.
Allow us to reveal to you that from January 1, 2021, the new Positive Pay System has been executed for checks in the country. Positive Pay System is a mechanized extortion identification device. The reason behind bringing this standard by RBI is to forestall abuse of checks.
Needed For Installment Of Rs 5 Lakh Or More Through Check
In an SMS shipped-off client, Axis Bank said, "From September 1, 2021, checks of Rs 5 lakh or more will be returned, on the off chance that you don't give positive compensation subtleties before one working day from the really look at clearing date."
What Is Positive Pay System?
Positive Pay System is to give assurance against extortion in getting free from checks under genuinely look at truncation framework. Check Truncation System is a course of clearing checks. This makes the course of an assortment of checks quicker. Public Payment Corporation of India (NPCI) is giving positive compensation offices in Check Truncation System (CTS) to banks. This framework will be pertinent on installment thorough check of 50 thousand or more sum
How Does Positive Pay System Work?
Through this framework, check data can be given through SMS, versatile application, web banking, and ATM. These subtleties will be re-confirmed prior to making an installment of the check. On the off chance that any error is found in it, the bank will dismiss that check. Positive Pay System is to give insurance against misrepresentation in getting free from checks under actually look at truncation framework. Check Truncation System is a course of clearing checks. This makes the course of the assortment of checks quicker.
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