To sensitise its clients towards high-value cheque frauds, Punjab National Bank on Friday urged them to submit the main points about such cheques at the very least a day earlier than clearance below Positive Pay System (PPS) framework.
The National Payments Corporation of India (NPCI) has developed the PPS below which a buyer issuing a high-value cheque is required to reconfirm some important particulars similar to cheque quantity, cheque quantity, date and beneficiary title. These particulars are then cross-checked whereas presenting the cheque for fee.
Punjab National Bank (PNB) applied the Positive Pay Confirmation from April 4, 2022 below the PPS framework obligatory for cheques of Rs 10 lakh and above.
“As per bank’s guidelines, customers are required to submit the details of their cheques at least one working day prior to clearance to enable a smooth verification process and avoid cheque returns,” PNB mentioned in a launch.
PNB mentioned it has made the PPS facility reside by all branches, web banking companies — retail and company — PNB ONE in addition to SMS banking and requested its clients to avail the power of PPS by submitting the requisite particulars of the cheque issued by them by these means.
Reserve Bank of India had issued the rules to supply the power of PPS for cheques of Rs 50,000 and above and suggested that the banks might take into account making it obligatory for the cheque of Rs 5 lakh and above.
PNB mentioned it accordingly made accessible this facility for cheques of Rs 50,000 and above from January 2021 after which made it obligatory for cheques of Rs 10 lakh and above in April 2022.
Source: www.financialexpress.com”