Friday, May 3 2024 | Time 17:46 Hrs(IST)
image
Business EconomyPosted at: Mar 3 2023 5:50PM


PNB makes Positive Pay System mandatory for cheque payments worth Rs 5 lakh & above

Mumbai,Mar 3 (UNI) Public Sector lender, Punjab National Bank (PNB) has made Positive Pay System (PPS) compulsory for cheque payments worth Rs. 5 Lakh and above.
This will come into effect from 05.04.23.
The PPS is a system developed by the National Payments Corporation of India (NPCI), which requires customers to reconfirm essential details (account number, cheque number, cheque alpha code, issue date, amount, and beneficiary name) when issuing cheques of certain amount. This adds an extra layer of security against any potential risk while processing such cheques.
Customers can use the PPS facility by providing the cheque details through Branch office, Online Banking for individuals and businesses, Mobile Banking (PNB ONE), or SMS Banking. The details to be submitted one working day prior to cheque presentation/clearing date.
As per Reserve Bank of India (RBI) guidelines, PNB had introduced PPS for cheques of Rs. 50,000 and above presented in CTS clearing from January 01, 2021. RBI had recommended that availing this facility is at the account holder’s discretion and banks may consider making it mandatory for cheques of Rs. 5 Lakh and above.
The cheques that are registered in the PPS will only be accepted under the dispute resolution mechanism.
Earlier, the mandatory submission of cheque details in PPS was set at Rs 10 Lakh & above.
UNI JS SY RKM
Please log in to get detailed story.
Tags: #PNB makes Positive Pay System mandatory for cheque payments worth Rs 5 lakh & above
More News

03 May 2024 | 5:24 PM

New Delhi, May 3 (UNI) Adani Green Energy Limited (AGEL), a leading renewable energy company, on Friday announced 24 percent dip in its cash profit at Rs 1,042 crore in January-March period (Q4) of 2023-24 compared to Rs 1,365 crore in same period during 2022-23 Fiscal.

see more..

03 May 2024 | 5:09 PM

New Delhi, May 3 (UNI) JSW Infrastructure, part of the JSW Group and private commercial port operator, on Friday announced that its net profit has gone up by 9 percent at Rs 329 crore year-on-year basis during January-March or Q4 of fiscal 2023-24.

see more..

03 May 2024 | 5:01 PM

New Delhi, May 3 (UNI) HFCL, a technology enterprise with operations in manufacturing of telecom equipment, optical fiber and optical fiber cables and offering communication network solutions for telcos, defence and railway sectors, on Friday announced 7.46 percent fall in revenue to Rs 1,326 crore in January-March period or Q4 of FY 2023-24 compared to Rs 1,433 crore in same quarter in 2022-23.

see more..

Mumbai: Wockhardt-South Asian liver transplant prog makes history

03 May 2024 | 12:12 PM

Mumbai, May 2 (UNI) Wockhardt Hospitals, Mumbai Central, in collaboration with the South Asian Liver Institute, announced the success of the latest endeavour, the first-ever Early Recovery Programme (ERP) in Mumbai.

see more..

Major Currencies up

03 May 2024 | 10:13 AM

Mumbai, May 3 (UNI) Following were the indicative currency rates and travellers' cheques
buying and selling rates.

see more..
image