As per Reserve Bank of India directions vide circular No.DPSS.CO.RPPD. No.309/04.07.005/2020-21 dated 25.09.2020, Bank has implemented the ‘Positive Pay System (PPS)’ w.e.f. 01.01.2021 for CTS cheques for Rs.50,000 and above issued by the account holder. PPS details can be submitted by the account holder through KBL Mobile Plus app, KBL mPassbook app, at the website of the Bank and by visiting the nearby Branch.
Under this process, the issuer of the cheque has to submit certain minimum details (like date, name of the beneficiary/amount etc.) about the cheque issued wherever the same is for an amount of Rs.50,000 and above. It is an option given to the Customer.
RBI has also advised the Banks to consider making submission of PPS details to the Bank Mandatory for cheques of Rs. 5,00,000 and above. Accordingly, it is now informed that with effect from 15.02.2023, submission of Positive Pay Information is mandatory wherever the cheque issued is for Rs. 5,00,000/- and above.
Though furnishing of cheque details under PPS is discretionary for cheques Rs.50,000 and above but below Rs. 5,00,000, Customers are advised to avail the option in their own interest as only those cheques which are PPS compliant will be accepted by the RBI under dispute resolution mechanism.
To submit Positive Pay information Click here
