PNB urges customers to submit details of high-value cheques before clearance

To sharpen its clients against high-esteem check fakes, Punjab National Bank on Friday encouraged them to present the insights concerning such really looks at essentially a day prior to freedom under Positive Pay System (PPS) structure.

The National Payments Corporation of India (NPCI) has fostered the PPS under which a client giving a high-esteem check is expected to reconfirm a few fundamental subtleties, for example, check number, really look at sum, date and recipient name. These subtleties are then cross-checked while introducing the check for installment.

Punjab National Bank (PNB) executed the Positive Pay Confirmation from April 4, 2022, under the PPS structure obligatory for checks of Rs 10 lakh or more.

“According to bank’s rules, clients are expected to present the subtleties of their really looks at no less than one working day preceding leeway to empower a smooth confirmation process and keep away from actually look at returns,” PNB said in a delivery.

PNB said it has made the PPS office survive all branches, web banking administrations – – retail and corporate – – PNB ONE as well as SMS banking and requested its clients to benefit the office from PPS by presenting the imperative subtleties of the check gave by them through these methods.

Hold Bank of India had given the rules to give the office of PPS to checks of Rs 50,000 or more and exhorted that the banks might think about making it obligatory for the check of Rs 5 lakh or more.

PNB said it as needs be made accessible this office for checks of Rs 50,000 or more from January 2021 and afterward made it obligatory for checks of Rs 10 lakh or more in April 2022.

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