Updated Dec 17, 2020 | 06:26 IST
The Cheque Truncation System (CTS) for clearing cheques is operational pan-India and presently covers 2 per cent and 15 per cent of total retail payments in terms of volume and value respectively
New rules will apply to clear high value cheques via Positive Pay from Jan 1. Know details here | Photo Credit: BCCL
New Delhi: The Reserve Bank of India (RBI) has decided to introduce a new rule for cheque payments from January 1, 2021. It is called a 'positive pay system' for cheques, under which re-confirmation of key details may be needed for payments beyond Rs 50,000. Availing of this facility would be at the discretion of the account holder. However, banks may consider making it mandatory in case of cheques for amounts of Rs 5 lakh and above.