What is Positive Pay?
Reserve Bank of India has introduced a mechanism of Positive Pay for all cheque payments applicable from Jan 01, 2021.
Under this mechanism, the customer has to provide the information of the cheque issued from the Account electronically through Retail Internet Banking or the iMobile Pay app.
Benefit of Positive Pay.
It provides a secured option for high value transactions. Only those cheques which are compliant with the above instructions will be accepted under the dispute resolution mechanism at the CTS grids.
We recommend customers to use Positive Pay to ensure secured processing of their transactions.
Do remember to check our Bank Nifty option tips on a daily basis.
How can I enable Positive Pay?
Step 1. iMobile Pay > Login > Service Request > Chequebook Services > Positive Pay
Step 2. Fill in the minimum details of that cheque (like date, name of the beneficiary/payee, amount etc.)
Step 3. ICICI Bank matches the details at the time of cheque clearing
Step 4. The cheque is honoured if the details match the cheque. In case of mismatch in details, the same will be communicated to you.
