State Bank of India (SBI) is rolling out a new cheque payment system from next year. Under the new ‘Positive Pay System’ or PPS for cheques, reconfirmation of key details will be needed for all payments above Rs 50,000. The SBI PPS for cheques will come into effect from January 1, 2021. The new cheque payment system will add a layer of security to the current process. The issuer of the cheque will need to provide details such as account number, cheque number, amount, date and payee name with respect to cheque payments.
SBI is the country’s largest lender and it offers a wide range of services in the Personal Banking, Agriculture/ Rural, NRI services, SME and Corporate Banking etc.
