POSITIVE PAY SYSTEM FOR CHEQUE PAYMENTS

1. I/We understand and agree that if the details provided by me/us in Positive Pay System/to the Bank do not match with the same details mentioned on the corresponding cheque(s) drawn/issued by me/us, the particular cheque(s) shall be returned unpaid by the Bank at the Bank’s sole discretion and I/We wouldn’t have any dispute/claim against the Bank in respect of such dishonor of the cheque(s).
2. I/We agree and confirm that the cheque details collected from me/us will be transmitted/stored in Bank’s database as well as in National Payments Corporation of India (NPCI) database/transmitted by NPCI to the cheque presenting Bank and I/We agree and confirm that such storing/transmission of my/our confidential data will not constitute infringement of my/our right to privacy and data protection under IT Act any other applicable rules/regulations.
3. I/We agree and confirm that I/We while sending the PPS instructions shall ensure the availability of requisite funds in my/our designated Account, from which the amount shall be debited on payment of the relative cheque.
4. I/We acknowledge and agree that provision of details of cheque(s) issued in Positive Pay System shall not constitute any rights on me/us to get the relative cheque(s) paid and all existing laws and rules governing payment of cheque(s) as prevailing will determine the payment or otherwise of the cheque concerned.