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Daily Current Affairs

What is Positive Pay System?

Current GK (SBI-CL) Money Supply and Monetary Policy

08-Apr-22

The guidelines for the implementation of the Positive Pay System were issued by the RBI for the banks of the country. From 1^st January 2021, this system has been implemented to safeguard banks against any cheque frauds.

Overview:

The National Payments Corporation of India has developed the Positive Pay System.
Through this system the details of high-value cheques are reconfirmed.
Through this system, measures are taken to detect any cheque transaction-related fraudulent activities.