A "Positive Pay" system is being implemented by Punjab National Bank
Punjab National Bank (PNB) is going to implement a Positive Pay System from April 4th, 2022. According to the information given by PNB, verification will be necessary for check payment from April 4 to April 4. These changes have been made to make check payments safer and prevent bank fraud. PNB has said that from April 4, 2022, the positive pay system will be mandatory.
Positive Payment system confirmation will be mandatory if customers issue checks of 10 lakh or above through a bank branch or digital channel. Customers have to provide their account number, check number, check alpha, check date, check amount, and beneficiary name.
Under the positive pay system, the issuer of a check will have to electronically provide certain information related to that check to the paying bank. This information can be given through SMS, mobile apps, internet banking, or ATM.
Punjab National Bank (PNB) "Positive Pay" system:In this case, the issuer of the check has to give information like the date of the check, the name of the payee, the amount to be paid, and the check number to the paying bank. According to RBI, the information on the check and the information provided by the issuer of the check will be matched in the Check Truncation System (CTS).
If any discrepancy is found between the check and the information provided by the customer, CTS will return the check to the paying bank. Thereafter, the paying bank will adopt redressal measures in this regard.
Punjab National Bank (PNB) is an Indian nationalised bank. Its headquarters are in New Delhi, Delhi, India, and it is owned by the Ministry of Finance, the government of India. You can open a savings account online by applying for it through the PNB's official website.
To know about the PNB account balance, customers need to login to their account by clicking on https://pnbibanking.in/. Next, they need to enter their username and password. You can also get information about previous transactions, get a mini-statement, etc., by using a net banking facility.
Positive Payment system confirmation will be mandatory if customers issue checks of 10 lakh or above through a bank branch or digital channel. Customers have to provide their account number, check number, check alpha, check date, check amount, and beneficiary name.
Under the positive pay system, the issuer of a check will have to electronically provide certain information related to that check to the paying bank. This information can be given through SMS, mobile apps, internet banking, or ATM.
Punjab National Bank (PNB) "Positive Pay" system:In this case, the issuer of the check has to give information like the date of the check, the name of the payee, the amount to be paid, and the check number to the paying bank. According to RBI, the information on the check and the information provided by the issuer of the check will be matched in the Check Truncation System (CTS).
If any discrepancy is found between the check and the information provided by the customer, CTS will return the check to the paying bank. Thereafter, the paying bank will adopt redressal measures in this regard.
Punjab National Bank (PNB) is an Indian nationalised bank. Its headquarters are in New Delhi, Delhi, India, and it is owned by the Ministry of Finance, the government of India. You can open a savings account online by applying for it through the PNB's official website.
To know about the PNB account balance, customers need to login to their account by clicking on https://pnbibanking.in/. Next, they need to enter their username and password. You can also get information about previous transactions, get a mini-statement, etc., by using a net banking facility.
Piyush Verma
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