{"id":93599,"date":"2022-03-08T21:01:21","date_gmt":"2022-03-08T15:31:21","guid":{"rendered":"https:\/\/www.gkseries.com\/blog\/?p=93599"},"modified":"2022-03-08T21:01:23","modified_gmt":"2022-03-08T15:31:23","slug":"positive-pay-system-mechanism","status":"publish","type":"post","link":"https:\/\/www.gkseries.com\/blog\/positive-pay-system-mechanism\/","title":{"rendered":"Positive Pay System Mechanism: UPSC Daily Important Topic | 8 March 2022"},"content":{"rendered":"\n<h3 class=\"wp-block-heading\">Positive Pay System Mechanism<\/h3>\n\n\n\n<p>\u2713It is a fraud detection tool adopted by banks to protect customers against forged, altered or counterfeit cheques.<\/p>\n\n\n\n<p>\u2713It cross verifies all details of the issued cheque before funds are encashed by the beneficiary.<\/p>\n\n\n\n<p>\u2713The concept of Positive Pay involves a process of reconfirming key details of large-value cheques.<\/p>\n\n\n\n<p>\u2713It ensures that every high-value cheque valued at Rs 50,000 and above is crossed checked with details provided by the issuing party or the individual.<\/p>\n\n\n\n<p>\u2713This will cover approximately 20 percent of transactions by volume and 80 per cent by value.<\/p>\n\n\n\n<p>\u2713The National Payments Corporation of India (NPCI) will develop the facility of Positive Pay in the Cheque Truncation System (CTS)&nbsp; and make it available to participant banks.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Positive Pay System Mechanism \u2713It is a fraud detection tool adopted by banks to protect customers against forged, altered or counterfeit cheques. \u2713It cross verifies all details of the issued cheque before funds are encashed by the beneficiary. \u2713The concept of Positive Pay involves a process of reconfirming key details of large-value cheques. \u2713It ensures [&hellip;]<\/p>\n","protected":false},"author":894,"featured_media":93600,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1755],"tags":[1797],"offerexpiration":[],"class_list":["post-93599","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-upsc-important-topics","tag-upsc-daily-important-topic"],"_links":{"self":[{"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/posts\/93599","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/users\/894"}],"replies":[{"embeddable":true,"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/comments?post=93599"}],"version-history":[{"count":1,"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/posts\/93599\/revisions"}],"predecessor-version":[{"id":93601,"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/posts\/93599\/revisions\/93601"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/media\/93600"}],"wp:attachment":[{"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/media?parent=93599"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/categories?post=93599"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/tags?post=93599"},{"taxonomy":"offerexpiration","embeddable":true,"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/offerexpiration?post=93599"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}