Explained: How RBI's positive pay system safeguards cheque transactions

The RBI’s positive pay system (PPS) for cheque transactions was implemented from January 1. All banks now provide this mechanism. While it will make payments via cheques safer, it will also make the process a tad cumbersome, especially for people who issue high-value cheques frequently but are not tech savvy. How will it work? Customers will have the option to reconfirm key details of cheques above Rs 50,000, using channels like text messages, the bank’s mobile application, internet banking, automated teller machines, and so on.  Puneet Kapoor, president (pro.....

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