General Studies · Positive Pay System
Under the RBI guidelines for the Positive Pay System (PPS) for high-value cheques, what is the consequence if a customer fails to submit PPS details for a cheque exceeding ₹5 lakh and the cheque is subsequently paid despite fraudulent alteration?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1The clearing house will reverse the settlement and debit the drawee bank's account.
- 2The customer cannot raise a dispute under the CTS dispute redressal mechanism against the payment.✓
- 3The presenting bank must compensate the customer for the full altered amount.
- 4The bank will automatically close the customer's account for non-compliance.
Correct answer
The customer cannot raise a dispute under the CTS dispute redressal mechanism against the payment.
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