The state-run Punjab National Bank (PNB) on Tuesday announced that high-value checks worth more than Rs 10 lakh will be cleared following reconfirmation with the issuer under the Positive Pay System (PPS).

PNB announced that beginning April 4, 2022, it would make the Positive Pay System (PPS) mandatory to protect bank customers from large-value check fraud. In accordance with RBI standards, the Delhi-based institution began offering PPS for cheques of Rs 50,000 and above presented in CTS clearing on January 1, 2021.

While using the service is up to the account holder's decision, the banking regulator stated that banks may explore making it mandatory for cheques for Rs 5 lakh or more.

PNB said in a statement that the PPS will be required for checks worth more than Rs 10 lakh from next month. A consumer sending a high-value cheque must reaffirm some vital facts, according to the Positive Pay System (PPS) designed by the National Payments Corporation of India (NPCI). Before payment, the details are double-checked while presenting the check in clearing.

Customers will be required to submit information such as account number, cheque number, cheque alpha code, issue date, amount, and beneficiary name in order to clear high-value checks under PPS, according to the lender.

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