For cheques worth Rs. 5 lakh or above, the RBI previously implemented a Positive Pay System. On August 1, the cheque clearance system became operational. This approach has been deployed by many banks, including SBI, to prevent check fraud. Customers must abide by the new regulations as of the most recent revisions to cash checks worth Rs. 5 lakh or above.
As required by the new regulation, the issuer must electronically convey specific information to the drawee bank via SMS, mobile banking, internet banking, ATMs, etc., including the beneficiary's name and the date of issue. The information will be double-checked when processing payments later.
Customers of SBI who wish to use the service must first register their cheque-operated accounts for the Positive Pay System by submitting an application in the required forms at one of the branches. Additional channels are available for registration, including Mobile Banking (YonoLite), Retail Internet Banking (RINB), Corporate Internet Banking (CINB), and YONO (Mobile App).
How to use the SBI YONO App to submit an SBI Positive Pay online:
- Launch the Yono SBI lite application and log in.
- Select "Service" from the menu.
- Click "Positive Pay System" now.
- Please click "Cheque Lodgement Details."
- Select your account number
- Include the necessary information, such as the cheque, issuing date, and amount.
- submit it.
How to submit an SBI Positive Pay via Mobile Banking-
The text should be formatted as follows:
1. Cheque No. Amount Date of Issue in CHQL
2. Beneficiary Name and email it to +917208933145 with the format DDMMYYYYY/N (Multi City/Normal). Remember that only customers who have registered for SBI Quick are eligible for this service.
How to submit a positive pay through SBI's net banking system?
- Launch Net Banking, then sign in using your credentials.
- Visit the section for Cheque Book Services. Then select the Positive Pay Services option.
- Fill in the necessary information, such as the cheque, issuing date, and amount.
- Send it in at the end.
The information will be cross-checked at the positive pay site after the PPS requirements are finished.
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