PNB customers recently received an SMS from the bank stating: “Usage of Positive Pay System for chq of Rs.10 Lakhs & above presented in clearing is already mandatory, now it will be mandatory for chq of Rs.5 Lakhs & above w.e.f. 05-04-2023. Pls use PPS to prevent any fraudulent cheque transaction in your account. For details, contact 18001802222 or visit Website. PNB.”
Last year, PNB had implemented the Positive Pay System (PPS) making it compulsory for cheque payments worth Rs 10 lakh and above.
High-value checks of Rs. 5 lakh and above would be cleared utilising the PPS under the new system after being reconfirmed with the cheque’s issuer.
Positive Pay system details
As per concept of Positive Pay System, the issuer of the cheque submits certain minimum details of that cheque like Cheque Number, Cheque Amount, Cheque Date, Payee/Beneficiary Name to the drawee bank.
The customers may avail the facility of Positive Pay System (PPS) by submitting the desired details of the cheque issued by him/her through Branch or through digital channels i.e. Internet Banking Service-Retail & Corporate, Mobile Banking Service (PNB ONE), SMS Banking.
Note that Positive Pay details must be submitted one working day before the check presentation/clearing date.
How to submit details high-value (positive pay) cheque for verification
Step 1: Login PNB net banking using credentials.
Step 2: Click on ‘Positive Pay System’ tab under Value Added Services.
Step 3: From the drop-down menu, choose the Account Number. After that customer has to submit a six-digit cheque number, cheque alpha (3 character), cheque date, cheque amount, and beneficiary name.
Step 4: Enter the password for the transaction and click the “Submit” tab.
The customer will see a notice on their screen confirming that their cheque was successfully submitted following a successful submission.
Please note that
- Account Number
- Full Account Number
- Cheque Number: 6-digit Cheque Number (numerical value)
- Cheque Alpha: 3 character printed on cheque
- Cheque Amount: Rs.50000/- and above (only numerical value)
- Cheque Date (format): DDMMYYYY