In a transition to shield clients from huge worth actually look at frauds, Punjab National Bank (PNB) on Monday declared that it has made Positive Pay System (PPS) obligatory for the cheque of Rs 10 lakhs or more compelling from April 4.
According to the Positive Pay System (PPS) created by the National Payments Corporation of India (NPCI), a client giving the high-esteem check needs to reconfirm a few fundamental subtleties, which are cross-checked while introducing the check in going through before payment.
PNB clients need to share subtleties like account number, cheque number, check alpha code, issue date, sum, and recipient name for clearing the high-value cheques under PPS.These subtleties are to be imparted to the bank somewhere around 24 working hours before the cheque is introduced for going through.
Clients can share the subtleties through net banking, mobile banking, SMS banking, or their home branch in the endorsed design. The makes sure that are enrolled in the PPS might be acknowledged under the question goal component, PNB said in an explanation.
“According to Reserve Bank of India (RBI) rules, PNB had presented PPS for checks of Rs 50,000 or more introduced in CTS clearing from January 1, 2021, which has now become required for the cheques of Rs 10 lakh or more from today,” PNB said. RBI had suggested that while benefiting of the facility is at the account holder’s caution, banks might think about making it required for cheque of Rs 5 lakh or more.
