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The National Payments Corporation of India (NPCI) has developed the PPS underneath which a buyer issuing a high-value cheque is required to reconfirm some important particulars corresponding to cheque quantity, cheque quantity, date and beneficiary title. These particulars are then cross-checked whereas presenting the cheque for fee.
Punjab National Bank (PNB) carried out the Positive Pay Confirmation from April 4, 2022 underneath the PPS framework necessary for cheques of Rs 10 lakh and above.
“As per financial institution’s pointers, clients are required to submit the small print of their cheques at the very least one working day previous to clearance to allow a easy verification course of and keep away from cheque returns,” PNB stated in a launch.
PNB stated it has made the PPS facility stay by way of all branches, web banking companies — retail and company — PNB ONE in addition to SMS banking and requested its clients to avail the ability of PPS by submitting the requisite particulars of the cheque issued by them by way of these means.
Reserve Bank 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 think about making it necessary for the cheque of Rs 5 lakh and above.
PNB stated it accordingly made accessible 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.
