Good news for this bank's customers regarding the change in bank rules! A crucial check payment rule will change; be aware right away.

 Good news for this bank's customers regarding the change in bank rules! A crucial check payment rule will change; be aware right away.

PNB rule changes: This significant rule will be altered for account holders of the Punjab National Bank. This information was released in a press release by the bank. Tell us more about it in depth.

For some consumers, Punjab National Bank will adjust its policies. If you fit into this category, you should be fully aware of all the details. In fact, PNB now requires check payments of Rs. 5 lakh or higher to use the Positive Pay System (PPS). The start date for this is April 5, 2023.

This choice was made by this public sector bank to stop fraud. Prior to this change, PPS's payment through check detail cap was set at Rs. 10 lakh or higher. It is now set at Rs. The bank is certain that this will reduce problems like check fraud and bounced checks.

How do positive pay systems work?

The National Payments Corporation of India (NPCI) created the PPS method, which allows the owner of a bank account to disclose all the information about the check's issuer. When making a withdrawal, all of these information must be provided. Check information can be provided in the way that the bank specifies.

Using the PPS facility

According to PNB's information, anyone writing a check can use the Positive Payment System by visiting a branch, conducting online banking transactions, using a mobile device (PNB One), or sending a text message.

PPS even for a Rs. 50,000 cheque payment

PNB had put in place PPS for checks worth more than Rs 50,000. The Central Bank of India (RBI) stated in the directive released on January 1, 2021 that the decision to choose PPS is at the account holders' discretion. Banks can, however, execute it for up to Rs 5 lakh.