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In this video, we will discuss the Positive Pay System (PPS) introduced by the Reserve Bank of India (RBI) for high-value cheques. The PPS is a fraud prevention measure that requires the issuer of the cheque to provide the bank with additional information such as the cheque number, date, payee name, and amount. This information is cross-checked by the bank with the cheque presented for payment, ensuring that the cheque is not counterfeit or altered. In this video, we will cover the features and benefits of the PPS, how it works, and the types of cheques that fall under its purview. We will also discuss the impact of the PPS on the banking industry and its customers. By the end of this video, you will have a clear understanding of the Positive Pay System and how it helps prevent cheque fraud in high-value transactions. So, join us as we explore the intricacies of the PPS and its role in ensuring the security of financial transactions in India.
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