PNB Check Payment: There is important news for the customers having an account in Punjab National Bank. If you also have an account in this government bank, then from now on there has been a big change in the rules of check payment (pnb check clearance). PNB has said that this change will have a direct impact on the customers who pay through cheque.
High value checks made in payment
Let us tell you that the bank has changed the rules regarding high-value checks. According to PNB, the customers of the bank will have to give all the details to the bank at least one working day before the check clearance of Rs 10 lakh or more (Positive Pay System Framework), so that the verification process will be easier and check Clearance will not take much time either.
Ready made PPS system
Let us tell you that the bank has taken such steps to prevent fraud and fraud on high-value checks. The National Payments Corporation of India (NPCI) had prepared a Positive Payment System (PPS) in this regard. Under this, customers issuing a high denomination cheque are required to re-verify the check number, check amount, date and beneficiary name.
was implemented on 4th April
PNB had implemented the PPS system on April 4, 2022 for checks valued at Rs 10 lakh and above. The bank said in the information that as per the guidelines, customers will have to give their check details at least one working day before clearing to avoid smooth verification process and return of checks.