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PNB to make high-value cheque verification system mandatory
March 03, 2022
Punjab National Bank (PNB) on Tuesday said it will make high-value cheque verification mandatory to protect the bank clients against frauds. The bank will make the ‘Positive Pay System’ (PPS) mandatory from April 4.
According to Reserve Bank of India (RBI) rules, PNB had presented PPS for checks of ₹50,000 or more introduced in ‘CTS’ clearing from January 1, 2021, which will currently become required from the following month for the checks of ₹10 lakh or more.
The system, created by the National Payments Corporation of India (NPCI), commands a client to provide the high-value cheque to reconfirm a few essential details which are cross-checked while introducing the cheque in going through before payment.
“PNB clients need to share details like account number, cheque number, check alpha code, issue date, amount, beneficiary name,” the lender said in a statement.
“These details are to be imparted to the bank no less than 24 working hours before the check is introduced for going through. Clients can share the details through its internet banking, mobile banking, SMS banking or in their home branch in the endorsed design.”
Last year, the RBI had given rules to the banks to carry out the PPS framework to defend clients from the fake assortment of high-value cheques. It educated banks to enable the facility for all account holders to give checks for measures of ₹50,000 or more.
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