Positive Pay System
Secure your cheques with RBI’s Positive Pay system. To enhance cheque security and minimize fraud from tampering, The Raipur Urban Mercantile Cooperative Bank Ltd (Rumco Bank) has implemented the Positive Pay system.
Positive Pay is applicable for cheques valued at Rs. 5,00,000 and above. It provides an added layer of verification by requiring the customer to share key details of the cheque with the bank before it is presented for payment.
- Enhanced Security: Prevents fraud by verifying cheque details.
- Customer-Initiated Verification: Customers submit cheque details in advance.
- Mandatory for High-Value Cheques: Required for cheques ?5,00,000 and above.
- RBI Compliance: In line with Reserve Bank of India’s guidelines.
Cheques will only be honored if the information submitted by the issuer matches the presented cheque. This ensures maximum protection and trust in large-value transactions.
