PNB makes PPS mandatory for cheque payments worth Rs 5 lakh and above
The cheques that are registered in the PPS will only be accepted under the dispute resolution mechanism. Earlier, the mandatory submission of cheque details in PPS was set at Rs 10 lakh and above.
As per Reserve Bank of India (RBI) guidelines, PNB had earlier introduced PPS for cheques of Rs 50,000 and above presented in CTS clearing from January 01, 2021.