Hope you all know that the Reserve Bank of India has implemented a new security feature in the CTS clearing system to prevent fraudulent activity and that is Positive Pay. Positive Pay comes in reality from 1st January 2021. Under this new feature of the positive pay system, a cheque issuer will have to submit certain minimum details of the particular cheque (such as date, name of the beneficiary, payee and amount) to the drawee bank.
This Positive Pay System comes under two categories.
For the cheque, the amount value for ₹5 lakh or above
It is mandatory to provide a positive pay mandate for the cheque amount value is ₹ 5 lakh or above. In case if you don’t submit a positive pay mandate offline in the branch or online then your cheque will be rejected in CTS clearing and you may be charged for cheque return.
For the cheque amount value for ₹50,000 and above but less than ₹5,00,000
If you are very much concerned about your cheques and your issued cheques come under the above range then you can activate the positive pay system for the above range. Mean once you have activated this positive pay system for cheques the cheque amount value for ₹50,000 and above but less than ₹5 lakh then you need to provide Positive Pay mandate for each cheque that you lodge in CTS clearing that amount value is equal to ₹50000 or above but less than ₹ 5 Lakh.
If you want to activate this Positive Pay system for this amount range then you need to visit your home branch and provide this form duly filled up.
Enabling the positive pay system for the cheque amount value of ₹50,000 and above but less than ₹5,00,000 is optional. Mean if you haven’t activated this then it is not mandatory to submit a positive pay mandate for the cheque of mentioned amount value.
How to submit Positive Pay Mandate in UCO Bank via online
your next job is to submit a Positive Pay mandate for each cheque you lodge in CTS clearing. And you can do this job online. You don’t need to visit your branch. Though UCO e-banking and mobile banking have this feature to submit Positive Pay mandate without e-Banking or M-banking you can submit Positive Pay mandate online.
Here are the steps that you need to follow
- Go to UCO Bank Positive Pay
- This will look like this
- You need to put your account details and click on Generate OTP
- Enter the OTP
- Click on Validate OTP.
- Now put all the details about your cheque that you lodged in CTS clearing.
- Now hit the submit request option.
You are done. Make sure you submit this mandate before 12 noon of the day the cheque is presented in CTS clearing. For any queries, you can make comment here.