02/02/2023

Positive Pay System

Dear Customer,

Thank you for banking with us.

To make cheque transactions safer, the Reserve Bank of India (RBI) vide circular no. RBI/2020 21/41DPSS.CO.RPPD.No.309/04.07.005/2020-21 dated September 25, 2020 has asked all banks to introduce the Positive Pay System effective 01 January, 2021.

Positive Pay System enables an additional security layer to the cheque clearing process wherein, the issuer of the cheque submits cheque details as per the process mentioned below. When the beneficiary submits the cheque for clearing, the presented cheque details will be compared with the details provided to the Bank through Positive Pay.

 

To avail this facility, the account holder (drawer of the cheque) needs to share cheque details MANDATORY at the time of issuance of the cheques for amounts of INR 5,00,000/- and above. For the cheques for amounts of INR 50,000/- to INR 4,99,999/- is optional.

Cheque details to be submitted are as under:

  • Cheque Number
  • Cheque Date
  • Select Account Number
  • MICR Code
  • Short Account Number
  • Select Transaction Number
  • Amount
  • Payee Name

 These details can be submitted by the account holder to the bank by either the Positive Pay Mobile Application of The Junagadh JillaSahakari Bank (Download from Google Play Store => Junagadh DCCB Positive Pay) or filling a simple Positive Pay form. (In case branch submission)

We request our customers to please make a note of the following:

  • Insufficient and incorrect details will lead to cheque return
  • To enable the validation through Positive Pay, the cheque detail mentioned above should be available with the bank one working day prior to the cheque presentation date.
  • Only cheques that are compliant with the Positive Pay System will be accepted under RBI dispute resolution mechanism between the presenting and paying banks.

Assuring you of our best services at all times


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