Verification has become necessary for the customers of Punjab National Bank for cheque payment from April 4. Let us tell you that if there is no confirmation after this rule, then the cheque can also be returned.
PNB Rule Change from 4 April: Punjab National Bank ie PNB has implemented Positive Pay System (PPS) from today. According to the information given by PNB, from April 4, 2022, verification will be necessary for cheque payment. Let us tell you that if there is no confirmation after this rule, then the cheque can also be returned.
PNB has tweeted about this on its official Twitter handle. The bank has said, “Positive Pay System will be mandatory from April 4, 2022. If customers issue cheques of Rs 10 lakh and above through bank 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 name of the beneficiary will 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.
These rules are applicable in banks including SBI, BoB
Earlier, SBI, BoB, BOI, Axis Bank, HDFC Bank, ICICI Bank and other banks have made this system mandatory. Let us know in which bank the positive pay system is being implemented on how many cheques.
1. SBI: State Bank of India has implemented a new system for cheque payment from January 1, 2021. SBI has implemented this for cheque payments above Rs 50,000 i.e. you will need to re-confirm if the cheque is deducted more than fifty thousand.
2. BoB: Bank of Baroda’s rules related to cheque clearance (Positive Pay Confirmation) are effective from February 1. This rule of BoB is applicable on cheques of an amount of 10 lakhs or more.
3. Bank of India (BOI): These rules relating to cheques of Bank of India are effective from January 1, 2021. Confirmation is mandatory in BOI for cheque clearance of Rs.50,000/- and above. The customer has to provide information including Drawers Account Number, cheque Number, cheque Date, Amount and Payee’s Name.
What is Positive Pay System?
Positive Pay System is a kind of fraud detection tool. Under this system, when anyone issues a cheque, he will have to give full details to his bank. In this, the issuer of the cheque will have to electronically give the date of the cheque, 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 cheque will be safe, the clearance will also take less time. The physical cheque issued in this does not have to move from one place to another. It is a very easy and safe process.
