Public lender State Bank of India (SBI) will roll out a new cheque payment system from next year. Under the new ‘Positive Pay System’ or PPS for cheques, reconfirmation of key details will be needed for all payments above Rs 50,000. The SBI PPS for cheques will come into effect from January 1, 2021. The new cheque payment system will add a layer of security to the current process. The issuer of the cheque will need to provide details such as account number, cheque number, amount, date and payee name with respect to cheque payments. “As per RBI guidelines, we are introducing the Positive Pay System (PPS) w.e.f. 01/01/2021 to ensure added security where the cheque issuer now needs to provide details such as account number, cheque number, cheque amount, cheque date payee name with respect to the cheque payments,” SBI said on its website. *********************************************************** Positive Pay System for Cheque Truncation System RBI 2021 1. Reserve Bank of India (RBI)