Punjab National Bank (PNB), the country’s second largest public sector bank, is going to make a big change in the payment rules for its customers. Actually, PNB Bank is going to implement Positive Pay System (PPS). Under this, the check will not be paid without verification. As per rules, failing which the check will be returned. This new rule of check payment will be applicable from 5th of next month. Earlier, under the positive pay system, the limit was Rs 10 lakh and above.
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 have to enter account number, check number, check alpha, check date, check amount and beneficiary name. Let us know how you can use it.
Actually, PPS is a mechanism created by the National Payment Corporation of India (NPCI), for which bank customers have to give information about the checks being issued by them to the bank where they have a savings account. This information has to be shared before the check is presented for clearance. Be aware that check information can be presented in a number of ways.
The Positive Pay system can be used by providing check details at the branch office, online banking, mobile banking, or SMS banking. In this context, PNB said that the information has to be given one day before the date of presentation of the cheque.
Under PPS, the issuer of the check has to give 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 if there is no PPS confirmation, the check will be returned.