Punjab National Bank (PNB) is implementing positive pay system for cheque payment. This new rule will be effective from the 5th of next month.
New Delhi. Punjab National Bank (PNB), the country’s second largest government bank, is going to make important changes in the rules of payment for the customers. Actually, PNB is implementing Positive Pay system. Under this, there will be no cheque payment without verification. As per the rules, failing which the cheque will be returned. This new rule of cheque payment will be effective 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 cheque of Rs 10 lakh or more through branch or digital channel, then PPS confirmation will be mandatory. Customers will have to provide account number, cheque number, cheque alpha, cheque date, cheque amount and beneficiary name. Let us know what it is and how you can use it.
What is Positive Pay System?
PPS is a mechanism created by the National Payments Corporation of India (NPCI), for which bank customers have to give information about the cheques being issued by them to the bank where they have a savings account. This information has to be shared before the cheque is presented for clearance. Be aware that cheque information can be presented in many ways.
How to avail PPS for PNB Cheque?
Positive Pay system can be used by giving cheque details through Branch Office, Online Banking, Mobile Banking (PNB ONE), or SMS Banking. In this context, PNB said that information has to be given one day before the date of presentation of the cheque.
How PPS will prevent fraud
Under PPS, the issuer of the cheque will have to give the details of the cheque to the bank through SMS, mobile app, net banking or ATM. When the cheque reaches the bank, the information given by the account holder will be verified. If any discrepancy is found during this, the cheque will be rejected. Punjab National Bank has said that the cheque will be returned if there is no PPS confirmation.
How to share cheque details for verification under PPS?
1. Log in to PNB Net Banking.
2. Click on the ‘Positive Pay System’ tab under Value Added Services.
3. Select Account Number from the drop down menu.
4. After this the customer has to submit the six digit cheque number, cheque alpha (3 character), cheque date, cheque amount and beneficiary name.
5. Enter the password for the transaction and click on the submit tab.
6. If details are to be given through SMS, account number, cheque number, cheque alpha, cheque amount, date of cheque have to be given.
