2021
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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ICICI Bank
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Dena Bank
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HDFC Bank
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SBI Bank
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Detailed explanation-1: -As per Reserve Bank of India directives, Bank has implemented Positive Pay System (PPS) for all modes of cheque payments (Cash/Transfer/Clearing) effective from 01.01. 2021.
Detailed explanation-2: -Customers are requested to submit in advance the key details of cheques issued to the beneficiaries so that Bank can pass cheque in CTS clearing without contacting the customers. In case of any mismatch Bank can reject the cheque or take suitable action to prevent wrong payment or fraud.
Detailed explanation-3: -Under the method PPS (Positive Pay System), the issuer of the cheque will need to submit details electronically through SMS, mobile app, internet banking or ATM. Details such as date, name of the beneficiary, payee, and amount to the drawee bank are required.
Detailed explanation-4: -The first bank to introduce the cheque system in India was Bengal Bank in the year 1833.
Detailed explanation-5: -The Reserve Bank of India (RBI) has implemented Positive Pay System (PPS) for all types of cheque payments in order to prevent frauds carried out through the tampering or alteration of cheques.