To sensitise its prospects in opposition to high-value cheque frauds, Punjab Nationwide Financial institution on Friday urged them to submit the small print about such cheques a minimum of a day earlier than clearance beneath Optimistic Pay System (PPS) framework.
The Nationwide Funds Company of India (NPCI) has developed the PPS beneath which a buyer issuing a high-value cheque is required to reconfirm some important particulars equivalent to cheque quantity, cheque quantity, date and beneficiary title. These particulars are then cross-checked whereas presenting the cheque for cost.
Punjab Nationwide Financial institution (PNB) carried out the Optimistic Pay Affirmation from April 4, 2022 beneath the PPS framework necessary for cheques of Rs 10 lakh and above.
“As per financial institution’s tips, prospects are required to submit the small print of their cheques a minimum of one working day previous to clearance to allow a clean verification course of and keep away from cheque returns,” PNB stated in a launch.
PNB stated it has made the PPS facility stay by all branches, web banking companies — retail and company — PNB ONE in addition to SMS banking and requested its prospects to avail the ability of PPS by submitting the requisite particulars of the cheque issued by them by these means.
Reserve Financial institution of India had issued the rules to supply the ability of PPS for cheques of Rs 50,000 and above and suggested that the banks might take into account making it necessary for the cheque of Rs 5 lakh and above.
PNB stated it accordingly made obtainable this facility for cheques of Rs 50,000 and above from January 2021 after which made it necessary for cheques of Rs 10 lakh and above in April 2022.