This bank made important changes for check settlement above Rs 10 lakh, know the new rule

This bank made important changes for check settlement above Rs 10 lakh, know the new rule

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new Delhi . Public sector Punjab National Bank (PNB) has made a significant change regarding its check payment. According to the bank, from April 4, the settlement of checks worth Rs 10 lakh or more will be done only after reconfirming the same from the issuer.

PNB said on Tuesday that this step has been taken to protect bank customers from the possibility of fraud in case of large amount cheques. Under this, Positive Payment System (PPS) will be mandatory from April 4, 2022. The bank had implemented the system of CTS (Check Truncation System) clearing of Rs 50,000 and above as per RBI guidelines with effect from January 1, 2021. CTS is a system of clearing checks electronically.

consider making mandatory
RBI has said that though it is up to the account holder to avail the facility, banks may consider making it mandatory for clearing checks of Rs 5 lakh and above. PNB said that from next month, positive payment system will be made mandatory for clearing checks of Rs 10 lakh and above.

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Re-verification of required information
Positive Payment System has been developed by the National Payments Corporation of India (NPCI). Under this arrangement, customers issuing high value checks are required to re-verify certain essential information. Those details are reconciled before settlement of the check for payment.

Customers will have to share details like account number, check number, check alpha code, date of issue, amount, beneficiary name for settlement of high value checks under PPS. According to the bank, “Checks which are registered under PPS will only be accepted under the dispute resolution mechanism.”

Tags: bank, Bank news, PNB savings account, Punjab national bank

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