The banking industry is set to undergo a significant transformation with the introduction of Punjab National Bank (PNB)'s new system for money transactions. Due to be implemented from the 5th of the upcoming month, the system aims to improve transaction efficiency and security. However, customers who are unaware of the new regulations may face unwanted complications.
PNB's Positive Pay System (PPS) will replace the traditional check payment method. Managed by the National Payment Corporation of India (NPCI), the PPS requires verification of various details, such as bank account number, check number, check alpha, amount payable, name of the person, and other check details. Customers who issue checks of Tk 10 lakh or more through bank branches or digital transactions must undergo this verification process before the transaction can be processed.
It is vital that customers stay informed of these changes to avoid any unnecessary issues. Those who fail to report to their bank branch may not be able to cash their checks, making it imperative to stay up-to-date with the latest rules and regulations of banking institutions like PNB.
To access the new system, PNB customers can use various channels, including local branches, mobile banking, online banking, and SMS banking. However, they must report one day before using these channels. The new rules will apply across all of PNB's areas for customer money transactions, including changes to the salary system.
It is worth noting that the Reserve Bank and other banks may have different regulations, and customers must remain informed to avoid penalties. For instance, linking PAN Aadhaar was mandatory, and those who failed to do so on time faced consequences.
In summary, PNB's new PPS system is a significant step towards modernization and security in the banking industry. However, customers must familiarize themselves with the new regulations to avoid potential complications and delays. As the banking industry continues to evolve, staying informed and updated is crucial to ensure a smooth and hassle-free experience.