Current Affairs - Banking - Discussion

The Reserve Bank of India has announced that it will launch "Positive Pay System" for Cheque Truncation System from 01st January, 2021. The "Positive Pay System" will be developed by the National Payments Corporation of India (NPCI) and make it available to participant banks. Banks will be required to enable the system for all account holders issuing cheques for amounts of Rs 50,000 and above. While availing of this facility is at the discretion of the account holder, banks may consider making it mandatory in case of cheques for amounts of Rs 5,00,000 and above.