Guntur Urban Bank Positive Pay

Reserve Bank of India has issued a circular stating that Positive Pay system shall be implemented from 1st January’2021, for all cheques of Value Rs.50,000/- (Rupees Fifty Thousand) and above value. The concept of positive pay involves a mechanism of reconfirming key details of large value cheques issued by a customer to payees.

As part of this, all The Guntur Urban Bank Ltd., customers whoever are issuing cheque to payees for a value of Rs.50,000/- and above, must have to intimate it to the Bank mandatorily upon any cheque issued to a payee along with Payee details to ensure securing the payment to be made to a right person for a right amount.