PNB Rule Change: This important rule is going to change for the account holders of Punjab National Bank. The bank has given this information through a press release. Let’s know about it in detail.
Punjab National Bank is going to change its rules for some special customers. If you also fall in this category, then you should know the complete details about it. In fact, PNB has made Positive Pay System (PPS) mandatory for check payments of Rs 5 lakh or more. This will be effective from April 5, 2023.
This public sector bank has implemented this decision to prevent fraud. The earlier limit for making payment through check detail under PPS was Rs 10 lakh or more, which has now been reduced to Rs 5 lakh. The bank believes that this will curb incidents like check bounce and fraud.
What is positive pay system
PPS is a mechanism designed by the National Payment Corporation of India (NPCI), under which the bank account holder shares all the details of the check issuer. All this information has to be given before withdrawing money. The check details can be given in the manner specified by the bank.
How to use PPS facility
According to the information given by PNB, any person making payment by cheque, can use the positive payment system through branch, online banking, mobile banking (PNB One), or SMS banking.
PPS even for check payment of Rs 50,000
PNB had implemented PPS for checks of Rs 50,000 and above. According to the norms of the Reserve Bank of India (RBI), in a guideline issued on January 1, 2021, it was said that the option of PPS depends on the discretion of the account holders. Although banks can implement it for Rs 5 lakh or more.
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