Reserve Bank of India (RBI) had announced introduction of Positive Pay System for Cheque Truncation System (CTS).
The concept of Positive Pay System involves a process of reconfirming key details of large value cheques.
Under this process, the issuer of the cheque submits electronically, through channels like SMS, mobile app, internet banking, ATM, etc., certain minimum details of that cheque (like date, name of the beneficiary / payee, amount, etc.) to the drawee bank, details of which are cross checked with the presented cheque by CTS.
