PNB has asked its customers that they will have to inform the bank at least one day before clearing large cheques. These changes have been made to make cheque payment safe and prevent bank fraud.
New Delhi. If you are a customer of Public Sector Bank Punjab National Bank, then this is important news for you. The bank has changed its rules. In fact, PNB has told its customers that they will have to inform the bank at least one day before clearing large cheques. PNB has issued this advisory to protect customers from frauds related to clearance of cheques. The customers of the bank will have to share the information under the Positive Pay System related to the payment of cheques.
The National Payment Corporation of India i.e. NPCI had prepared a Positive Pay System (PPS) in this regard. Under this, customers issuing a high denomination cheque are required to re-verify the cheque number, cheque amount, date and beneficiary name.
PPS is required for cheques of Rs 10 lakh and above
Punjab National Bank (PNB) has made the positive pay system mandatory for its customers for cheque of Rs 10 lakh and above. The bank had implemented the PPS system on April 4, 2022, for cheques with a value of Rs 10 lakh and above.
The bank said in a recent statement, “As per the bank’s guidelines, customers are required to submit their cheque details at least one working day prior to clearance to simplify a verification process and avoid cheque returns.” .”
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