ZEE Business
ZEE BUSINESS
हिंदी में पढ़ें  हिंदी में पढ़ें
Live TV
Live TV
  • Home
  • Personal Finance
    • PPF
    • Mutual Funds
    • Income tax
    • EPFO
    • Income Tax Calculator
    • Personal Loan Calculator
    • Car Loan Calculator
    • Home Loan Calculator
    • SIP calculator
    • SWP Calculator
    • MF Returns Calculator
    • Lumpsum Calculator
  • India
    • Companies
    • Property
    • Startups
    • Uidai
  • Economy
    • Aviation
  • Tech
    • Mobiles
    • Apps
  • Auto
    • Cars
    • Bikes
  • Markets
    • Commodities
    • Currency
  • Railways
  • World
    • Economy
    • Politics
    • Markets
  • videos
  • photos
  • MSME Summit
  • Trending News
    • Viral News
    • Travel
    • People
    • Entertainment
    • Sports
  • More ...
    • VIDEOS
    • PHOTOS
BREAKING NEWS
  • Syrma SGS Technology IPO: Issue filled 37% on Day 1; should you subscribe? Anil Singhvi suggests this
  • Samsung Galaxy Z Fold 4, Galaxy Z Flip 4 price in India revealed - Pre-booking, offers and specifications
  • Har Ghar Tiranga campaign: Over 30 crore National Flags sold; CAIT says business worth Rs 500 crore generated
  • Atal Bihari Vajpayee death anniversary: Remembering the poet Prime Minister of India
  • From Rakesh Jhunjhunwala's portfolio: 5 Tata Group stocks that made him ace investor
Read in App
Business News » Personal Finance News

Safeguard yourself from cheque frauds with Positive Pay

 Positive Pay is a fraud detecting tool. 

  • Twitter
  • Facebook
  • Linkedin
  • whatapp
  • View in App
 Safeguard yourself from cheque frauds with Positive Pay
With Positive Pay, the process of clearing cheques is accelerated. Photo: ICICI Bank Official Website

There have been several cases wherein people become a victim of cheque fraud. Several businesses, identity thieves and fraudsters create counterfeit cheques or forge details in order to withdraw funds with ill means. To minimise the level of frauds that involve one's cheque to the bank and safeguard the same, private lender ICICI Bank has introduced the feature of Positive Pay in their iMobile application. Positive Pay is nothing but a fraud detecting platform or tool, offered by the Cash Management Department (CMS) of several banks. In India, ICICI Bank was the first bank to absorb this feature into its package of services. 

What is Positive Pay?

A fraud detecting tool, the Positive Pay is a service which matches an individual's cheque number, cheque date, payee name, account number, amount etc with the front as well as the reverse side of the cheque, before it is handed over to the beneficiary. This is compared against the list of cheques previously authorised and issued by the individual or issuer of the check. 

In simpler terms, the system cross checks all the details with regard to the cheque before the fund can be en-cashed by the beneficiary. If there is a slight mismatch, the said bank will approach the cheque issuer for a re-examination of the cheque details.

Incorporating the Positive Pay, ICICI bamk now facilitates the benefit of clearing cheques through images from the issuer instead of asking for a physical copy. this lowers down the risk of misplacement of the said cheque or frauds related to it. 
 

Using #ICICIBank Positive Pay, you can now safeguard your cheques at any given place and time. More information on: https://t.co/v0A1zbnduB pic.twitter.com/lI8C5hOjx9

— ICICI Bank (@ICICIBank) May 18, 2019

With ICICI Bank, the cheque images can be sent to the bank branch through their iMobile application where the issuer needs to go to cheque book services. The cheque images, as well as the information, will be validated only on the next working day of the bank branch. Additionally, with this system, the process of clearing cheques is accelerated. However, images cannot replace the cheques as with regard to the norms set by the Reserve Bank of India, a collecting bank needs to get hold of the physical copy of the cheque. 

Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.

TAGS:
ICICI Bank
Written By: ZeeBiz WebTeam
Updated: Mon, May 20, 2019
06:44 pm
Mumbai, ZeeBiz WebDesk
RELATED NEWS
Six of top 10 companies add Rs 1,56,247.35 crore to market cap Six of top 10 companies add Rs 1,56,247.35 crore to market cap
ICICI Bank share price rises to record high, market-cap hit Rs 6 lakh crore ICICI Bank share price rises to record high, market-cap hit Rs 6 lakh crore
ICICI Bank, PNB hike external benchmark based lending rates ICICI Bank, PNB hike external benchmark based lending rates
Loans, EMIs to become expensive as THIS private bank hikes interest rate by 15bps ahead of RBI MPC meet Loans, EMIs to become expensive as THIS private bank hikes interest rate by 15bps ahead of RBI MPC meet
Sandeep Batra, ICICI Bank: Value of transactions by non-ICICI Bank customers on iMobile Pay grew by 35% Q-o-Q Sandeep Batra, ICICI Bank: Value of transactions by non-ICICI Bank customers on iMobile Pay grew by 35% Q-o-Q

LATEST NEWS

SSC CGL Admit Card 2022 Tier 3 released on ssc.nic.in: Steps to download from direct link and check exam date

Hospitals overcharging for treatment to be a thing of past; IRDAI’s health insurance portal to curb this menace

Centre calls meeting to review status of rice procurement on August 30; IMC to hold discussion on rising prices today

DA Hike: Salary of government employees in THIS state increased by 6%

Paytm to deploy smart PoS devices at Samsung stores across India

Syrma SGS Technology IPO: Issue filled 37% on Day 1; should you subscribe? Anil Singhvi suggests this

Anil Singhvi's strategy on August 18: Support zone on Nifty is 17650-17700, Bank Nifty is 38875-38925

ONGC dividend record date 2022 for 65% payment per share price FIXED - Key details

IRCTC share record date 2022 for payment of 75% dividend fixed - All details

Concord Biotech IPO: Rare Enterprises-backed company files IPO papers with Sebi

  • India News
  • World News
  • Companies News
  • Market News
  • Personal Finance News
  • Technology News
  • Automobile News
  • Small Business News
  • Income Tax Calculator
  • Live TV
  • Videos
  • Photos
  • Author
  • Rss Feed
  • Advertise with us
  • Privacy Policy
  • Legal Disclaimer

Latest Trending Updates

  • EPFO
  • Budget 2020
  • Income Tax Return
  • Auto Expo 2020
  • Home Loan
  • Business News

Trending Topics

  • Income Tax
  • income Tax Calculator
  • 7th Pay Commission
  • Reserve Bank of India
  • GST
  • Latest Business News

Follow us on

zeebiz
zeebiz

Partner Sites

  • Zee News
  • Hindi News
  • Marathi News
  • Bengali News
  • Tamil News
  • Malayalam News
  • Gujarati News
  • Telugu News
  • Kannada News
  • DNA
  • WION
© 2022. India Dot Com Private Limited. All Rights Reserved.
LIVE TV