PNB makes Positive Pay System mandatory for cheque payments worth Rs 5 lakh and above

In a move to safeguard customers from fraudulent payment of cheques, state-owned Punjab National Bank (PNB) has made the Positive Pay System (PPS) compulsory for cheque payments worth Rs 5 lakh and above. Earlier, the mandatory submission of cheque details in PPS was set at Rs 10 lakh and above.

from Banking/Finance-Industry-Economic Times https://ift.tt/FqSCtHj