For secure transactions, PPS system will be implemented by Punjab National Bank from the coming April 4. Many banks have already implemented this system. It is important to know about this rule before issuing any type of cheque.
PNB Payment Rule: After SBI, Punjab National Bank (PNB) is going to change the rules related to payment. If you are a PNB customer then this news is very important for you.
Punjab National Bank (PNB) is now going to implement the Positive Pay System (PPS). In the information given by the bank, it was told that from the coming April 4, this rule will be made mandatory.
check payment rules
Actually, this rule is related to verification for check payment. According to this rule, the check can also be returned if there is no confirmation. Earlier, PPS system has also been implemented by SBI and Bank of Baroda.
Must give all information
According to the news published in Live Hindustan, Positive Pay System (PPS) will be made mandatory in Punjab National Bank from April 4, 2022.
According to this rule, if you issue a check of Rs 10 lakh or more through a bank branch or digital channel, then PPS confirmation will be necessary. In this, you have to give account number, check number, date of check, check amount and name of beneficiary.
What is PPS System?
The PPS system is designed to prevent fraud. Under this system, on issuing the check to the account holder, he will have to give full details to the bank.
In this, the date of the check, name of the beneficiary, account number and amount will have to be provided to the bank electronically through SMS, net banking, ATM or mobile banking. This will take less time for clearance.
How does PPS work?
Under this system, the issuer of the check will have to give the details of the check to the bank through SMS, mobile app, net banking or ATM.
When the check reaches the bank’s table, the information given by the account holder will be cross checked. In case of any discrepancy, the check will be rejected.
