To safeguard the cheques issued from Fincare Small Finance Bank Savings account, a new service has been introduced on our Internet Banking. This service is called Positive Pay and can be accessed under My Services>>Cheque Services All you need to do is share the details of issued cheque like Cheque Number, Cheque date, Payee name, Account number, Amount etc along with an image of the front and reverse side of the cheque, before handing it over to the beneficiary. When the beneficiary submits the cheque for encashment, the cheque details are compared with the details provided to the Bank through Positive Pay. If the details match, the cheque is honoured. In case of mismatch in cheque details, the cheque is referred to you. Please Note: RBI has mandated a ‘Positive Pay’ system for cheques above Rs. 50,000 cleared through the Cheque Truncation System (CTS) to enhance the security of the cheque-based transactions and minimise the risk of frauds. The issuer of the cheque is required to notify the bank in advance of all the pertinent details which would be passed on to the CTS. The presented cheque details will be cross verified at the time of clearing, and in case of any discrepancy the CTS would immediately flag the same and notify the drawee bank & presenting bank to take appropriate action.
To safeguard the cheques issued from Fincare Small Finance Bank Savings account, a new service has been introduced on our Mobile Banking. This service is called Positive Pay and can be accessed under Cheque Services >> Positive Pay. All you need to do is share the details of issued cheque like Cheque Number, Cheque date, Payee name, Amount etc before handing it over to the beneficiary. When the beneficiary submits the cheque for encashment, the cheque details are compared with the details provided to the Bank through Positive Pay. If the details match, the cheque is honoured. In case of mismatch in cheque details, the cheque is referred to you. Please Note: RBI has mandated a ‘Positive Pay’ system for cheques above Rs. 50,000 cleared through the Cheque Truncation System (CTS) to enhance the security of the cheque-based transactions and minimise the risk of frauds. The issuer of the cheque is required to notify the bank in advance of all the pertinent details which would be passed on to the CTS. The presented cheque details will be cross verified at the time of clearing, and in case of any discrepancy the CTS would immediately flag the same and notify the drawee bank & presenting bank to take appropriate action.
