Explanation:

• The Reserve Bank of India is to introduce “Positive Pay System” from January 1, 2021 for cheque transactions above Rs 50,000.
• This is to be done to enhance safety and eliminate frauds.
• Positive Pay System is a process of reconfirming key details of large-value cheques.
• The large value cheques are those where the transactions are above 50,000 INR.