The Reserve bank of India has decided to avoid fraud payments from 2021. RBI decided to implement a “positive pay system” for re-confirmation of cheque key details beyond 50,000.
In case account holder need to pay above 5lakhs they have to provide electrically
2 mobile app
4. Minimum Details of the cheque like date, name of the beneficiary, payee, and amount withdraw from the bank
These details will verify from the bank if something flagged by Cheque Truncation System both parties need to provide residential measures to RBI.
NPCI the national corporation of India is going to develop the positive pay in CTS to banks.
All account holders need to issue cheques above 50000 these were the latest RBI rule.