The Reserve Bank of India (RBI) has decided to introduce a new clearing process for high-value cheques to enhance the safety of cheque payments. The apex bank will soon come up with a mechanism of ‘Positive Pay’ for all cheques of value Rs 50,000 and above, RBI Governor Shaktikanta Das announced on Thursday. Under this mechanism, the drawee bank will process the cheques for payment basis the information passed on by its customer at the cheque issuance time.
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Produced By: The Lallantop
Edited By: Varun Sharma