PNB Cheque Payment Rule: If you are a customer of Punjab National Bank (PNB), 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 cheque payment. Let us tell you that if there is no confirmation after this rule, then the cheque can also be returned. Let us inform that earlier Bank of Baroda has implemented PPS system from 1st February 2022.
Bank has given information
Punjab National Bank has given this information today on Friday. 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 cheques of ₹ 10 lakh and above through bank branch or digital channel.” Account number, cheque number, cheque alpha, cheque date, cheque 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 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, while 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.
How does PPS work?
Explain that the cheque issuer can provide the necessary details through electronic means like SMS, mobile app, internet banking or ATM. Thereafter, these details will be cross-checked before cheque payment. If any discrepancy is found in it, the bank will reject the check.
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