According to the information available on PNB’s official website pnbindia.in, from April 4, 2022, if customers issue checks of Rs 10 lakh or more, then positive pay system confirmation will be mandatory.
new Delhi. The country’s second largest government lender Punjab National Bank (PNB) is going to make important changes in the payment rules for customers. Actually, PNB is implementing Positive Pay System from 4th April 2022. Under this, there will be no check payment without verification. As per the rules, failing which the check will be returned.
Mandatory for checks of ₹10 lakh or more
According to the information available on the official website of PNB, pnbindia.in, from April 4, 2022, the positive pay system system will be implemented. After this, if the customer issues a check of Rs 10 lakh or more through branch or digital channel, then PPS confirmation will be mandatory. Customers will have to provide account number, check number, check alpha, check date, check amount and beneficiary name. PNB has said that customers can get complete details of PPS by calling 1800-103-2222 or 1800-180-2222. At the same time, customers can also collect complete information through the official website of the bank.
Positive pay system is a fraud detection tool
The Reserve Bank of India had directed to implement the fraud detection tool Positive Pay System from January 1, 2022. Till now many banks have implemented it. Check payment will be secure with the help of PPS. Whereas clearance will take less time. You will not have to wander from place to place with the check.
How PPS will prevent fraud
Under PPS, the issuer of the check will have to provide the details of the check to the bank through SMS, mobile app, net banking or ATM. When the check reaches the bank, the information given by the account holder will be verified. If any discrepancy is found during this, the check will be rejected. Punjab National Bank has said that the check will be returned if there is no PPS confirmation.
