NEW DELHI, MAR 3, 2023
In a move to safeguard customers from fraudulent payment of cheques, state-owned Punjab National Bank (PNB) has made the Positive Pay System (PPS) compulsory for cheque payments worth Rs 5 lakh and above.
This will come into effect from April 5, 2023, PNB said in a statement.
Earlier, the mandatory submission of cheque details in PPS was set at Rs 10 lakh and above.
The PPS is a system developed by the National Payments Corporation of India (NPCI), which requires customers to reconfirm essential details (account number, cheque number, cheque alpha code, issue date, amount, and beneficiary name) when issuing cheques of a certain amount, it said.
This adds an extra layer of security against any potential risk while processing such cheques, it said.
Customers can use the PPS facility by providing the cheque details through Branch office, Online Banking for individuals and businesses, Mobile Banking (PNB ONE), or SMS Banking, it said, adding, the details to be submitted one working day prior to cheque presentation/clearing date.
PNB makes Positive Pay System must for cheques worth more than Rs 5 lakh