PNB announces mandatory verification  of high-value cheques 

Kolkata, Apr 4:
  In a move to protect the bank customers against large value  cheque frauds, Punjab National Bank (PNB) to make Positive Pay System  (PPS) mandatory for the cheque of
 Rs.10 Lacs & above from Monday
 As per the Positive Pay System (PPS) developed by  the National Payments Corporation of India (NPCI), a customer issuing  the high-value cheque has to reconfirm some essential details, which
 are  cross-checked while presenting the cheque in clearing before payment.
 PNB  customers need to share details like account number, cheque number,  cheque alpha code, issue date, amount, and beneficiary name for clearing  the high-value cheques under PPS.
These details are to be shared  with the bank at least 24 working hours before the cheque is presented  for clearing. Customers can share the details through internet banking,  mobile banking, SMS banking, or their home branch in the prescribed  format.
 The cheques that are registered in the PPS will only be accepted under the dispute resolution mechanism.
 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 1,  2021, which has now become mandatory for the cheques of Rs 10 lakh and  above from Monday.
 RBI had recommended that while  availing of the facility is at the account holder’s discretion, banks  may consider making it mandatory for cheques of Rs. 5 lakh and above.
(UNI)