Positive Pay is designed to ensure extra security. The cheque issuer now needs to provide their account number, cheque number, cheque amount, cheque date and payee name with cheque payments, among other details. This will aid in protecting customers against forged, altered or counterfeit cheques and resulting cheque frauds.
To avail this facility, the account holder (drawer of the cheque) needs to share cheque details at the time of issuance of the cheques for amounts of Rs. 50,000/- and above.
You can now submit your cheque details (eg: debit account number, cheque number, short account Deutsche Bank clients can now submit cheque details (eg: debit account number, cheque number, short account number (alpha number), cheque date, cheque amount and Beneficiary / Payee name) by clicking on the link below before handing it over to the beneficiary.
When the beneficiary submits the cheque for encashment, the National Payments Corporation of India (NPCI) compares the cheque details with the details provided to Deutsche Bank through Positive Pay.
Deutsche Bank then exercises due diligence based on the results gathered by NPCI.
RBI Circular on Positive Pay System for Cheque Truncation System