PNB Positive Pay System Online: Big news related to the country’s second largest public sector bank is coming out. Punjab National Bank has issued an alert in this regard to all its customers. PNB Bank (PNB Bank) has made Positive Pay System necessary for payment of Rs 5 lakh and above through check to protect its customers from fraud. PNB Bank says that this rule will come into effect from April 5, 2023. Earlier it was mandatory to give check details under PPS before making payment of Rs 10 lakh or more. It has now been extended to Rs 5 lakh.
What is a positive pay system
Positive Pay System has been created by the National Payments Corporation of India (NPCI). In this system, customers will have to give complete details (account number, check number, date issued, amount and name of the person taking the payment) to the bank on payment of more than a certain amount. With this system, investors and customers will get more security than before.
What is the rule of RBI
According to the rules of the Reserve Bank of India, on January 1, 2021, the PPS facility was started by PNB for checks of Rs 50,000 and above. After this, banks were asked by RBI to introduce positive pay system for clearing checks of Rs 5 lakh and above. It may be noted that checks registered in PPS will be accepted only under Dispute Resolution Mechanism.
This is how you can take advantage
To take advantage of this facility, you will have to go to any branch of Punjab National Bank and get the PPS system implemented. In this, you can start this facility through any kind of online banking, net banking, PNB One mobile app, SMS banking. After this, you will have to give the information related to the check to the bank exactly 1 day before the check is cleared. In this, you will have to mention the account number, check number, issue date, amount and the name of the person to whom the payment is being made.
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