SBI introducing Optimistic Pay System from January 1: Know what it’s and the way it make Cheque cost safe

New Delhi: State Financial institution of India (SBI) has stated that it’ll introduce Optimistic Pay System from 1st January 2021 to make Cheque cost safe.

“Protecting all of your transactions protected together with these accomplished through Cheques. SBI is introducing Optimistic Pay System from 1st January 2021 to make Cheque cost safe. To know extra, contact your nearest SBI department,” SBI has tweeted.

What’s Optimistic Pay System and the way it makes Cheques safe

In a bid to test banking fraud, the Reserve Bank of India had a few months in the past determined to introduce the ”optimistic pay system” for cheque, underneath which re-confirmation of key particulars could also be wanted for funds past Rs 50,000.

This Cheque funds rule of optimistic pay system will come into impact from January 1 2021. Whereas availing of this facility is on the discretion of the account holder, banks might take into account making it obligatory in case of cheques for quantities of Rs 5 lakh and above.

Right here is all you wish to find out about Optimistic Pay System

Optimistic Pay System shall be applied from January 01, 2021.

The idea of Optimistic Pay includes a technique of reconfirming key particulars of huge worth cheques.

Underneath this course of, the issuer of the cheque submits electronically, by way of channels like SMS, cellular app, web banking, ATM, and many others., sure minimal particulars of that cheque (like date, identify of the beneficiary / payee, quantity, and many others.) to the drawee financial institution, particulars of that are cross checked with the introduced cheque by CTS.

Any discrepancy is flagged by CTS to the drawee financial institution and presenting financial institution, who would take redressal measures.

Nationwide Funds Company of India (NPCI) shall develop the power of Optimistic Pay in CTS and make it out there to participant banks.

Banks, in flip, shall allow it for all account holders issuing cheques for quantities of Rs 50,000 and above.

Solely these cheques that are compliant with the directions shall be accepted underneath dispute decision mechanism on the CTS grids.

Member banks might implement comparable preparations for cheques cleared / collected outdoors CTS as effectively.

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