PNB Rule Change: Are you a Punjab National Bank (PNB) customer? If yes… then there is a very important news for you. PNB is going to implement Positive Pay System (PPS) from 4th April 2022.
According to the information given by PNB, from April 4, verification will be necessary for check payment. Let us tell you that if there is no confirmation after this rule, then the check can also be returned.
Bank gave information
According to the information given on the official website of PNB, “Positive Pay System system will be mandatory from April 4, 2022. PPS confirmation will be mandatory if customers issue checks of ₹ 10 lakh and above through bank branch or digital channel.” Account number, check number, check alpha, check date, check amount and name of the beneficiary have to be given. For more details, PNB customers can call on 1800-103-2222 or 1800-180-2222. Or you can visit the website of the bank.
What is Positive Pay System?
Positive pay system is a kind of fraud detection tool. Under this system, when anyone issues a check, he will have to give full details to his bank. In this, the issuer of the check will have to electronically give the date of the check, beneficiary name, account number, total amount and other necessary information to the bank through SMS, internet banking, ATM or mobile banking. With this system, where the payment by check will be safe, the clearance will also take less time. The physical check issued in this does not have to move from one place to another. It is a very easy and safe process.
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