Check Payment System Rule Change For Punjab National Bank Users Know Details

PNB Rule Change: Punjab National Bank is going to change its rules for certain customers. If you also fall in this category, then you should know the complete details about it. In fact, PNB has made Positive Pay System (PPS) mandatory for check payments of Rs 5 lakh or more. This will be effective from April 5, 2023.

This public sector bank has implemented this decision to prevent fraud. The earlier limit for making payment through check detail under PPS was Rs 10 lakh or more, which has now been reduced to Rs 5 lakh. The bank believes that this will curb incidents like check bounce and fraud.

What is positive pay system

PPS is a mechanism designed by the National Payment Corporation of India (NPCI), under which the bank account holder shares all the details of the check issuer. All this information has to be given before withdrawing money. The check details can be given in the manner specified by the bank.

How to use PPS facility

According to the information given by PNB, any person making payment by cheque, can use the positive payment system through branch, online banking, mobile banking (PNB One), or SMS banking.

PPS even for check payment of Rs 50,000

PNB had implemented PPS for checks of Rs 50,000 and above. According to the norms of the Reserve Bank of India (RBI), in a guideline issued on January 1, 2021, it was said that the option of PPS depends on the discretion of the account holders. Although banks can implement it for Rs 5 lakh or more.

read this also

China Economic Growth: China’s economy has become ‘devastated’ due to Corona! GDP estimated to be only 5 percent in the year 2023

RR vs DC: 3 wickets fell at 36 in the 8th over, then came Riyan Parag's storm; scored 185 runs

RR vs DC: The match between Rajasthan Royals and Delhi Capitals is being played on 28 March at Sawai Mansingh ...

Usher Says He Saw ‘Very Curious Things’ When He Lived with Diddy at 13 for a Year

A 2016 interview with Usher has resurfaced amid the raids on Sean “Diddy” Combs' homes earlier this week. The "U ...

LeBron James Says He Had Major ‘Anxiety’ Watching Son Bronny Play at USC

LeBron James is speaking out about the state of college basketball, and his own anxiety when watching his son Bronny ...

‘Fourth Wing’ Author Rebecca Yarros Announces Third Book in the Empyrean Series

The wait is almost over, Rebecca Yarros fans.On Thursday, the acclaimed Fourth Wing author announced on Good Morning America that ...

IPL 2024 RR vs DC Toss Update Delhi Capitals won and decided to field first against Rajasthan Royals, see playing eleven

RR vs DC Toss Update: The 9th match of IPL 2024 will be played between Rajasthan Royals and Delhi Capitals ...

Keith Richards Recalls Anita Pallenberg Romance in Revealing New Doc (Exclusive)

Keith Richards may have a reputation for his rockstar lifestyle in the ‘60s and ‘70s, but there was one person ...

₹2000 banknotes exchange deposit will not be available on Monday April 01 2024 Says RBI

2000 Rupee Notes: Banking sector regulator Reserve Bank of India has announced that on April 1, 2024, the first day ...

Mujeeb Ur Rahman out for entire season; 16 year old Afghan spinner joins KKR; Keshav Maharaj's changed team

IPL 2024: The series of injuries to players in IPL 2024 is showing no signs of ending. Now Afghanistan's spin ...

Hailey Bieber models wedding lingerie after slamming ‘fake’ theories about her marriage to Justin

Page Six may be compensated and/or receive an affiliate commission if you buy through our links. It’s official: Hailey Bieber ...

All About Kelli and Hunter King

Joey King is best friends with her sisters, Kelli and Hunter King. The We Were the Lucky Ones star and ...

Leave a Comment