Punjab National Bank (PNB) has taken a big decision today to prevent fraud of high-value cheques.
Punjab National Bank (PNB) has taken a big decision today (June 17) to prevent fraud of high-value checks. According to the instructions of PNB, now the customers of the bank will have to submit all the details at least one working day before the clearance in case of checks valued at Rs 10 lakh or more under the Positive Pay System (PPS) framework to facilitate the verification process. And the situation like check return should not come. PNB said that the PPS facility has been made live for all branches, Internet Banking Services, SMS Banking i.e. through all of them one can submit the necessary details related to checks under PPS.
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What is PPS Framework
National Payments Corporation of India (NPCI) has developed PPS. Under this, some details have to be re-confirmed while issuing checks of high value. It contains necessary details like check number, check amount, date and name of the beneficiary which have to be authenticated once again. When this check is taken to the bank for payment, all these details are cross-checked. PNB has adopted Positive Pay Confirmation under the PPS framework with effect from April 4, 2022 and has made it mandatory for checks of value of Rs 10 lakh or more.
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What is the rule of RBI?
The central bank RBI had asked to implement the PPS facility for checks valued at Rs 50,000 and above. Apart from this, RBI had said that in case of checks of value of Rs 5 lakh or more, banks can also consider making it mandatory. According to the guidelines of RBI, PNB made this facility available from January 2021 for checks of value of 50 thousand rupees or more. However, from April 2022, it has been made mandatory for checks of value of Rs 10 lakh or more in PNB. Now today Punjab National Bank has also set a timeline regarding this.
(Input: PTI)
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