Positive Payment System
Secure, Safe, and Reliable Transactions
The Positive Pay System (PPS) is an advanced security feature introduced to enhance the safety of cheque transactions. It protects customers from fraud by requiring key cheque details to be verified before processing. Customers issuing cheques above a specified amount must share essential information such as cheque number, date, payee name, and amount through digital channels like mobile banking, internet banking, SMS, or by visiting the branch.
This system ensures that the details submitted by the customer match those presented during cheque clearing. If any discrepancy is detected, the cheque will be flagged for further verification, thereby preventing unauthorized or fraudulent transactions. By adopting PPS, Cherpalcheri Co-operative Urban Bank ensures enhanced protection, transparency, and trust in every transaction. Customers are encouraged to use this facility for all high-value cheques to enjoy safe and seamless banking services.
Rules & Guidelines
- Positive Pay is applicable for cheques of high value as defined by the bank.
- Customers must provide accurate cheque details before presentation.
- Discrepancies may lead to delays or rejection of the cheque.
- Details can be submitted via digital banking or at the branch.
- Timely submission ensures smooth and secure cheque clearance.
Give Approval Online
A Positive Pay System is a measure by the Reserve Bank of India (RBI) to prevent frauds perpetrated through cheque payments in the form of tampering or alteration of the cheque. The drawer of the cheque reconfirms the key details of the cheque, which can then be cross-checked at the time of presentation while processing the payment. If the cheque details provided through Positive Pay match with the details of the cheque presented, the payment is processed; otherwise, the cheque is returned.