Positive Pay System

Key facts to know about Positive Pay System

• This facility is available in respect of cheques issued for INR 50,000/- and above by a customer
• It is optional for Customers to update cheque details under the system for cheque issued with the amount ranging INR 50,000/- and above.
• At all times customers are requested to ensure correct spelling of payee’s name and the exact amount of the cheque including decimals to the Bank for successful positive pay confirmation. Bank will not be responsible for an incorrect information provided by the customer.
• Bank will share the details of the cheques as shared by the customers under this system, with NPCI at the end of each working day.
• Customers, who have issued cheques falling under Condition 3 above, are requested to update positive pay proactively to ensure hassle free clearing.
• Since the cheques are of high value, in case of mismatch in details on the cheque with the details uploaded under the system, Bank, at its sole discretion, may decide to return the cheques at the sole risk, responsibility and liability of the customer. Hence it will be customer’s sole responsibility to upload the correct details under the PPS.
• If no data is uploaded under PPS, the cheques issued by a customer will be cleared in a normal mode and customer will be solely responsible for any mismatch in details and will not be able to raise any dispute over any undue clearance or return and bank will not be liable for any such development. However, cheques of value 5,00,000 and above may be returned at sole discretion of the bank, in the event the data sought is not provided by the client.
• Bank may accept or reject the cheque at its own discretion with/without consulting with the customer.
• All cheque data provided on Day 0 (on the date of upload, being a working day) will be uploaded to NPCI on the immediate next working day.
• The confirmation of successful or unsuccessful update on PPS is provided by NPCI and information of the same will be shared with the customer accordingly.
• Cheques presented in clearing are validated as per the regulatory guidelines defined for Clearing. PPS system is an additional tool for validation of cheques. All other parameters with respect to validation of Cheques remain unchanged.

For any further clarification, please feel free to call 18001201600 or write back to us customerrelations@capitalbank.co.in OR visit our nearest branch.