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Terms and Conditions for Positive Pay Facility

These terms and conditions (“Terms”) govern the use of the Positive Pay Facility (defined below) by the Customer (defined below) provided by Standard Chartered Bank (“Bank”). These Terms shall be in addition to and not in derogation to any other terms (“Other Terms”) as stipulated by the Bank from time to time on its Website (defined below), whether pertaining to the Account (defined below), all variants of the Accounts or in relation to other products, services or offers provided by the Bank.

In the event of any conflict between Other Terms and these Terms with respect to the Positive Pay Facility, these Terms shall prevail.

Definitions:

  1. “Account” shall mean both the savings and current Account, including all variants of savings and current Accounts held with the Bank.
  2. “Customer” refers to any person holding an Account or maintaining any deposit, any other account, any other relationship, whether loan based or otherwise with the Bank and shall include its heirs, executors, legal representatives, executors, as applicable to the specific type of Customer. In case of the Customer being a minor shall mean the minor acting through its natural guardian or by a guardian appointed by a court of competent jurisdiction.
  3. “Channel” refers to all media through which the Customers can perform banking transactions, including but not limited to SC Mobile app, internet banking, S2B, branches, IVR, phone banking , ATMs.
  4. “CTS”/ “Cheque Truncation System” refers to the image based cheque clearing mechanism of RBI.
  5. NPCI means National Payments Corporation of India.
  6. “Positive Pay Facility/Facility” is an additional due diligence tool and means for reconfirming cheque issuance data (“Information”), as required, for validation during the cheque clearing process, including but not limited to, cheque number, account number, amount of the cheque, Magnetic Ink Character Recognition (MICR) code, transaction code, etc. or any other data that may be required by the applicable law, when a cheque is presented for clearing.
  7. “Website” refers to the website owned by the Bank at www.sc.com/in.
  8. “RBI” shall mean the Reserve Bank of India.

General terms and conditions:

  1. By using the Positive Pay Facility, the Customer allows the Bank to collect the Information, for all cheques issued by the Customer. The Customer also authorises the Bank to share the Information with other banks, NPCI, regulators or any third party to facilitate the clearing of the cheques issued by the Customer.
  2. The Customer agrees and understands that while the Facility may be currently enabled only on SC Mobile, S2B, internet banking, at branches and on phone banking by the Bank, it may be enabled in the future on different Channels from time to time. It is not mandatory to utilise the Facility and the Customer may choose to do so, at their sole discretion, as an additional due diligence or as an additional risk mitigation measure. In the event the Customer chooses to utilise the Facility, the Customer understands that the cheques shall be cross-checked against the Information provided by the Customer through the Channels and it shall be the Customer’s responsibility to enter accurate Information. The Bank has no control over and takes no responsibility for any errors that may occur in the Information. The Bank reserves the right to reject/return the cheque, if the information provided in Positive Pay does not match with the information on the cheque being presented.
  3. The Customer also agrees and understands that for any cheque issued by them above Rs 50,000/- (Rupees Fifty Thousand only) in value, shall be accepted for dispute resolution mechanism under the Cheque Truncation System grids, only if the Positive Pay Facility has been utilised while issuing the cheque.
  4. The Customer must provide the Information before the cheque is deposited, for the Information to be accepted under the Positive Pay Facility. The Customer understands and agrees that if the Information is not provided before the said time, the Bank shall not provide the Positive Pay Facility while clearing the particular cheque issued by the Customer.
  5. The Bank reserves the right to reject the cheque, if there is any mismatch in the Information provided by the Customer using the Facility and the corresponding details on the cheque unpaid by the Bank at the Bank’s sole discretion and the Customer wouldn’t have any dispute/claim against the Bank in respect of such dishonor of the cheque.
  6. The Bank may rely on third parties to be able to provide the Positive Pay Facility. The Bank is providing Positive Pay Facility as long as the said access is provided to the Bank by NPCI.
  7. The Customer understands that the Facility may be unavailable for certain periods, including but not limited to maintenance work, unavailability of third party services, etc. and the Customer agrees to not bring any claims against the Bank for such unavailability of the Facility.
  8. The Customer also understands that any communication of successful validation of the Information, whether through SMS, e-mail, or any mode, shall not be treated in any way a proof of clearance of the cheque.
  9. The Customer acknowledges and agree that provision of details of cheque issued in Positive Pay System shall not constitute any rights on the Customer to get the cheque paid and all existing laws and rules governing payment of cheques as prevailing will determine the payment or otherwise of the cheque concerned.

 Miscellaneous:

  1. These Terms shall be governed by the laws of India and any disputes in relation to the use of the Facility shall be referred to the exclusive jurisdiction of the courts of Mumbai.
  2. The Customer agrees to indemnify, defend and hold harmless, at their own expense, the Bank from and against any and all liability any other loss that may occur, arising from or relating to the Customer’s use of the Facility, breach, non-performance or inadequate performance by the Customer of these Terms, including but not limited to provision of incorrect Information by the Customer.
  3. To the maximum extent permitted by applicable law, the Bank and its personnel, shall not be liable to the Customer for any direct, indirect, special, punitive, exemplary, statutory, incidental or consequential damage, loss of profit, loss of data, loss of business opportunities, and any intangible or economic loss, whether based on tort, negligence, or any other theory of liability, where such loss, liability arises from or in connection with the Customer’s use of the Facility.
  4. The Bank may amend/modify these Terms, from time to time in its sole discretion, at any time, and such modifications shall be effective immediately upon posting of the modified terms on the Website/Channels. The Customer should periodically review these Terms to be aware of such modifications. If the Customer continues to use the Facility, it shall be deemed conclusive proof of the Customer’s acceptance of the amended/modified terms and conditions.