RBI cheque transaction rule :
Here is the New RBI cheque transaction rule. A new change is introduced in Reserve Bank of India has change the rules for cash withdrawals from Banks Customers. In certain cares become victim of Fraud cases and are sometimes miseled when they withdraw money. For making the process more smooth and fair the RBI has introduced new rules to curb fraudulent financial transaction by Cheque. From now on, if you want to transact more than 50 lakhs by check, the bank will check it in a new way. This new rule will be introduced as of January 1, 2021. On behalf of the Reserve Bank, it has been reported that from now on, the bank will verify various information. Through the positive payment system only after receiving a check for more than Rs. 50,000.
New RBI cheque transaction rule over Rs. 50,000/-
In current situation where fraudulent descripances are increasing in a rapid speed, is not the accurate option to withdraw money by only signing one’s name. So from now on, money transactions will not depend only on matching signatures. The bank can request multiple information from the customer. It is known that a positive payment system will be mandatory if the check is for Rs 5 lakh or more. In other words, from now on you will not be able to withdraw money only after wearing a plaid shirt. SMS, mobile app, internet banking – the bank will verify multiple information through these and then the money will be transferred to another account.
If any discrepancies are found in the bank-to-bank cash refund transaction system, the two banks concerned will take action from now on. The bank will already inform customers about the positive payment system. The bank will inform customers about the introduction of this new rule by sending an SMS. In addition, all the rules of the Positive Payment System will be written in front of the bank’s cash desk.
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