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Positive Pay
The concept of Positive Pay involves a process of reconfirming key details of large value cheques. Under this process, the issuer of the cheque submits electronically 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 Cheque Truncation System (CTS). Any error is flagged by CTS to the drawee bank and presenting bank, who would take redressal measures. Please click here to view the detailed circular.
