Punjab National Bank, one of the largest public sector banks in the country, has taken a big step to protect its customers from fraud. Bank has decided to implement Positive Pay System from 4th April 2022. After this decision of the bank, the check issued to the consumers will have to be verified.
10 lakh New rule applicable on checks of more than: This rule was implemented by Punjab National Bank from April 4 on checks above Rs 10 lakh. If the consumer issues a check of this value, he will have to verify it through the bank or through electronic means like SMS, Mobile App, Internet Banking, ATM etc.
Do you have to provide this information?: The person issuing the check will also have to provide the bank account number, check number, date of the cheque, amount, transaction code, name of the payee, MICR code.
Why must the information be given?: According to the information given by the central bank, the information entered on the check and the information provided by the issuer of the check will be matched in the check truncation system. will be given. This information will be given to the issuer of the check through SMS.
What is Positive Pay System?: Positive Pay System has been developed by National Payments Corporation of India (NPCI). Under this system, important information about checks of high value such as the date of issue of the check, amount to be paid, name of the payee etc. has to be verified. The advantage of this system is that if any mistake has been made in filling your cheque, it will be revealed immediately.
RBI has issued guidelines in January 2021: Guidelines were issued by the central bank (Reserve Bank of India) on January 1, 2021 to implement the positive pay system so that the customers of the bank can be protected from fraud.