Positive pay -The Gujarat State Cooperative Bank APK

Reserve Bank of India has issued a circular stating that Positive Pay system shall be implemented from 1st January’2021, for all cheques of Value Rs.50,000/- (Rupees Fifty Thousand) and above value. The concept of positive pay involves a mechanism of reconfirming key details of large value cheques issued by a customer to payees.

As part of this, all The Gujarat State Co-op. Bank Ltd, customers whoever are issuing cheque to payees for a value of Rs.50,000/- and above, must have to intimate it to the Bank mandatorily upon any cheque issued to a payee along with Payee details to ensure securing the payment to be made to a right person for a right amount.

Privacy Policy:

This policy helps you understand how The Gujarat State Co-op. Bank Ltd, here under called as "GSC Bank" uses and protects the data you provide to us by using this Positive Pay application.

We reserve the right to change this policy at any given time, of which you will be promptly updated. If you want to make sure that you are up to date with the latest changes, we advise you to frequently visit this page.

What User Data We Collect:

With this application, we collect our GSC Bank issued cheque details issued by you to the payee along with payee name and date of issue to customer for a value of cheques above Rs.50,000/- and above as per directions of Reserve Bank of India which helps to get cross verified while it is processed for payment through clearing.

When you visit the website, we may collect the following data:
Customer ID - Customer ID allotted to you by GSC Bank
Mobile Number - Mobile number that is registered with GSC Bank to share you OTP
Cheque Details - Account Number, Beneficiary Name, Cheque Issue Date, Cheque Number, Amount

Why We Collect Your Data:
We are collecting this data to share it with NPCI for validation of cheque details in CTS Processing.
To better understand whether the cheque is issued by you only
To improve our services by ensuring the correctness of payment that we are processing
To contact you in case if the data is not shared by you for high value cheques
To Safeguard and Secure the payments from your account with our GSC Bank

The Gujarat State Co-op. Bank Ltd., is committed to securing your data and keeping it confidential. The Gujarat State Co-op. Bank Ltd., has done all in its power to prevent data theft, unauthorized access, and disclosure by implementing the latest technologies and software, which help us safeguard all the information we collect online.

The Gujarat State Co-op. Bank Ltd., will not lease, sell or distribute your personal information to any third parties, unless we have your permission. We might do so if the law forces us.