Dear Customer, As per the regulatory guidelines, Vasai Vikas Sahakari Bank introduces the Positive Pay System, a security measure to safeguard customers against cheque fraud. This system ensures that cheque details are verified before processing, preventing unauthorized transactions.
How It Works:
Step 1: Provide Cheque Details
When issuing a cheque, customers must submit the following details to the bank:
- Account Number
- Cheque Number
- Cheque Amount
- Cheque Date
- Payee/Beneficiary Name
- Instrument Type (Savings/Current Account)
Details can be submitted via: Bank branch (Positive Pay Form) and VVSB Mobi-fast Mobile banking app.
Step 2: Bank Verification
A. When the cheque is presented for clearance, the bank cross-checks the provided details.
B. If the details match, the cheque is processed.
Important Guidelines:
- For cheques of Rs. 50,000 and above, Positive Pay is optional for customers.
- For cheques of Rs. 5,00,000 and above, bank is making it mandatory for additional security.
- For more details, contact your home branch and support team for guidance.
Stay Secure, Stay Informed!
Please click here to view the detailed circular & click here to view form for the Submission of Cheque Details for Positive Pay System.
You can send positive pay instruction via your registered email address to your home branch with below details.
1. Sr No
2. Account No
3. Cheque No
4. Cheque Date
5. Amount
6. Beneficiary Name
Benefits of Positive Pay
Fraud Prevention - Positive Pay helps in preventing fraudulent cheque transactions by ensuring that the cheque details match the information provided by the customer.