The Business Bytes
TBB BUREAU
NEW DELHI, JUNE 17, 2022
In a move to protect the bank customers from high-value cheque frauds, Punjab National Bank (PNB) on Friday urged them to submit the details about such cheques at least a day before clearance under the Positive Pay System (PPS) framework.
Punjab National Bank (PNB) implemented the Positive Pay Confirmation from April 4, 2022 under the PPS framework mandatory for cheques of Rs 10 lakh and above.
“As per bank’s guidelines, customers are required to submit the details of their cheques at least one working day prior to clearance to enable a smooth verification process and avoid cheque returns,” PNB said in a release.
PNB has made the PPS facility live through all its branches, internet banking services — retail and corporate — PNB ONE as well as SMS banking and asked its customers to avail the PPS facility by submitting the requisite details of the cheque issued by them through these means.
Reserve Bank of India had issued the guidelines to provide the facility of PPS for cheques of Rs 50,000 and above and advised that the banks may consider making it mandatory for the cheque of Rs 5 lakh and above.
PNB made available this facility for cheques of Rs 50,000 and above from January 2021 and made it mandatory for cheques of Rs 10 lakh and above in April 2022.
