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In confirmation with RBI’s latest guidelines, many banks have issued a notification regarding the implementation of the Positive Pay System (PPS) for cheques of Rs 5 lakh or above. Here's all you need to know against the new update on Positive Pay System.
Reserve Bank of India had issued the guidelines to provide the facility of PPS for cheques of Rs 50,000 and above and advised that the banks may consider making it mandatory for the cheque of Rs 5 lakh and above.
Get latest articles and stories on Latest News at LatestLY. To sensitise its customers against high-value cheque frauds, Punjab National Bank on Friday urged them to submit the details about such cheques at least a day before clearance under Positive Pay System (PPS) framework. Latest News | PNB Customers Must Give Details of High-value Cheques Before Clearance.