Mandatory policy for high valued cheques of Rs.10 Lacs & above
by Suman Gupta
Mumbai, June 17, 2022: In a move to protect the bank customers against large value cheque frauds, Punjab National Bank (PNB), nation’s leading public sector bank has implemented Positive Pay Confirmation since 4th April 2022 under the Positive Pay System (PPS) mandatory for the cheque of Rs.10 Lacs & 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.
As per the Positive Pay System (PPS) developed by the National Payments Corporation of India (NPCI), a customer issuing the high-value cheque has to reconfirm some essential details like cheque number, cheque alpha, cheque amount, cheque date, beneficiary name which are cross-checked while presenting the cheque in clearing before payment.
Reserve Bank of India had issued the guidelines to provide the facility of Positive Pay System for the cheque of Rs.50000 and above and advised that the banks may consider to make it mandatory for the cheque of Rs. 5 Lacs & above. Accordingly, this facility was made available by the PNB for cheque of Rs.50000 and above since January 2021 and then made mandatory for high-value cheques of Rs. 10 Lacs and above in April 2022.
Punjab National Bank has made the PPS facility live through all branches, Internet Banking Services – Retail & Corporate, PNB ONE & SMS Banking.
The customers may avail the facility of PPS by submitting the requisite details of the cheque issued by him/her through Branch/IBS (Retail & Corporate)/PNB ONE/SMS Banking.
