Petitioner vs. Reserve Bank of India — Challenge to Positive Pay System

Updates

1. Hearing16 Sep 2021

   Madurai Bench of Madras High Court seeks response from RBI on Positive Pay System PIL

   The Madurai Bench of the Madras High Court has sought a response from the Reserve Bank of India regarding a public interest litigation petition filed by advocate K. Krishna challenging the RBI's notification on the implementation of the 'Positive Pay System'.

   Explanation in simple terms

   What:

   The court asked the banking regulator to explain its position regarding a new cheque security rule.

   Who:

   K. Krishna is the advocate who filed the petition, and the Reserve Bank of India is the national banking authority.

   When:

   Reported on 16 Sep 2021.

   Where:

   Madurai Bench of the Madras High Court in Tamil Nadu.

   Why:

   The court is looking into a public interest litigation petition that challenges the implementation of the Positive Pay System.

   What it means:

   The Reserve Bank of India must now submit a formal response to the court regarding the legal challenge.

   The Hindu
2. News11 Sep 2021

   Madurai Bench issues notice to RBI on PIL against Positive Pay System

   Krishna stated the Positive Pay System is a process of reconfirming key details of large value cheques.

   Explanation in simple terms

   What:

   The court asked the banking regulator to explain its response to a legal challenge against a banking rule.

   Who:

   A person named Krishna filed the challenge against the Reserve Bank of India in the Madras High Court.

   When:

   Reported on 11 Sep 2021.

   Where:

   The Madurai Bench of the Madras High Court in Tamil Nadu.

   Why:

   The petitioner is challenging the Positive Pay System, which is a process for verifying details on large cheques.

   What it means:

   The court has formally started the process of hearing this complaint and will now wait for answers.

   The New Indian Express