What is Positive Pay System?
The PPS is a mechanism created by the National Payments Corporation of India (NPCI) that requires bank account holders to submit details of a cheque being issued by them to the bank where they hold the savings account on which the cheque is drawn. These details have to be submitted before the cheque is presented for clearance. The cheque details can be submitted by various modes specified by the bank.
How customers can avail PPS for PNB cheques
The Positive Pay System can be opted by giving the cheque details through a branch office, online banking for both individuals and businesses, mobile banking (PNB ONE), or SMS Banking.
The details are to be submitted one working day prior to cheque presentation/clearing date, according to a press release from PNB.
According to the release, PNB had implemented PPS for cheques of Rs. 50,000 and above presented in CTS clearing as of January 1, 2021, in accordance with Reserve Bank of India (RBI) norms. RBI had said that using PPS in this case would be at the account holder’s discretion. However, banks may consider making PPS mandatory for cheques of Rs. 5 Lakh and above.
Only those cheques that have been registered under PPS will be accepted under the dispute resolution mechanism.
How to submit details of high-value cheques to PNB for verification under PPS
Step 1: Login to PNB net banking using your credentials.
Step 2: Click on ‘Positive Pay System’ tab under Value Added Services.
Step 3: From the drop-down menu, choose the Account Number from which the cheque has been issued. After that customer has to submit the six-digit cheque number, cheque alpha (3 character), cheque date, cheque amount, and beneficiary name.
Step 4: Enter the password for the transaction and click the “Submit” tab.
The customer will see a notice on their screen confirming that the PPS information for the cheque was successfully submitted following a successful submission.
How to submit PNB high value cheque for verification through SMS
Customers can use the Positive Pay System for high value cheques by sending a message to 9264092640 or 5607040.
According to PNB website, these are the cheque details required to be sent via SMS:
- Account Number: Full Account Number
- Cheque Number: 6-digit Cheque Number (numerical value)
- Cheque Alpha: 3 characters printed on cheque
- Cheque Amount: Rs.50000/- and above (only numerical value)
- Cheque Date (format): DDMMYYYY
On successful submission, the customer will receive a message that “Your request for PPS data of cheque No. XXXXXX in Account No. XXXXXXXXXXXXXXXX has been accepted.”