New Delhi. If you are a customer of Public Sector Bank Punjab National Bank, then this is important news for you. The bank has changed its rules. In fact, PNB has told its customers that they will have to inform the bank at least one day before clearing large checks. PNB has issued this advisory to protect customers from frauds related to clearance of cheques. The customers of the bank will have to share the information under the Positive Pay System related to the payment of cheques.
The National Payment Corporation of India i.e. NPCI had prepared a Positive Pay System (PPS) in this regard. Under this, customers issuing a high denomination cheque are required to re-verify the check number, check amount, date and beneficiary name.
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PPS is necessary for checks of Rs 10 lakh and above
Punjab National Bank (PNB) has made the positive pay system mandatory for its customers for checks of Rs 10 lakh and above. The bank had implemented the PPS system on April 4, 2022, for checks with a value of Rs 10 lakh and above.
The bank said in a recent statement, “As per the bank’s guidelines, customers are required to submit their check details at least one working day prior to clearance to simplify a verification process and avoid check returns.” .”
Tags: PNB savings account, Punjab national bank
FIRST PUBLISHED : June 23, 2022, 19:22 IST