Reserve Bank of India has issued a circular stating that Positive Pay system shall be implemented from 1st January’2021, for all cheques of Value Rs.50,000/- (Rupees Fifty Thousand) and above value. The concept of positive pay involves a mechanism of reconfirming key details of large value cheques issued by a customer to payees.
As part of this, all The Gayatri Co-Operative Urban Bank Ltd., customers whoever are issuing cheque to payees for a value of Rs.50,000/- and above, must have to intimate it to the Bank mandatorily upon any cheque issued to a payee along with Payee details to ensure securing the payment to be made to a right person for a right amount.
As part of this, all The Gayatri Co-Operative Urban Bank Ltd., customers whoever are issuing cheque to payees for a value of Rs.50,000/- and above, must have to intimate it to the Bank mandatorily upon any cheque issued to a payee along with Payee details to ensure securing the payment to be made to a right person for a right amount.
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