Greetings from Karur Vysya Bank ..!
Reserve Bank of India (RBI) has introduced Positive Pay System (PPS) for payment of cheques presented through clearing under the Cheque Truncation System (CTS). This new system is introduced from 01.01.2021, which will ensure that a cheque is paid only to the intended beneficiary to whom the account holder has issued the cheque.
Pursuant to the aforementioned directions, all cheques for Rs 5.00 lacs and above that you issue for debit to your account, and which will be presented for payment through clearing, have to be compulsorily pre-registered with the bank at least two working days prior to the cheque getting presented for payment.
The details that are to be pre-registered with your branch are (i) cheque number (ii) cheque date (iii) payee name and (iv) amount of the cheque. While the cheque is paid, we will verify the details on the cheque against the pre-registered details.
We hereby wish to convey that in case the information as stated above (for cheques valued Rs.5.00 lacs and above) is not submitted to the Bank atleast two working days in advance before cheque presentment, the cheques would be returned unpaid. Further, RBI has also conveyed that only cheques that are registered in the Positive Pay System (PPS) will be accepted under dispute resolution mechanism.
Kindly contact our branch official to get 'Positive Pay Details Submission form' for filling up the details of the cheques issued.
Account holders can also avail the facility for pre-registration of cheque details in our internet banking (https:\\www.kvb.co.in), and also on our mobile banking app 'KVB D-Lite'.
The facility of pre-registration is also available for all cheques valued Rs 50,000 and above, upto less than Rs.5.00 lacs, which account holders can optionally avail.
