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PNB implements Positive Pay System compulsory for cheque payments worth Rs 10 lakh

PNB implements Positive Pay System compulsory for cheque payments worth Rs 10 lakh

Public sector lender Punjab National Bank from April 4, 2022, Monday, has implemented the Positive Pay System (PPS) being compulsory for cheque payments worth Rs 10 lakh and above. 

This is being done as a move to protect its over 180 million customers from any security threats. The bank had announced to make Positive Pay System mandatory last month, and the same has been implemented today. Under the new system, high value cheques worth Rs 10 lakh and above will be cleared using the PPS, after reconfirmation with the issuer of the cheque.

About the Positive Pay System (PPS):

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