PPS Full Form
Friends, under a new rule from April 2023, customers in all banks will have to compulsorily verify PPS to pay Rs 10 lakh or more through cheque.
But friends, do you know what this PPS is in the field of banking? Or what does PPS mean? And what is the Full Form of PPS (PPS Full Form)?
Hello friends, welcome to all of you on the nitin tech.com. Are you also looking for information about PPS (PPS Full Form) on the Internet? If yes then today through this article we will tell you about What does PPS (PPS) mean? Or what is the Full Form of PPS (PPS)? By reading this post you Will be able to know about PPS Full Form.
What is PPS Full Form
So friends, let us tell you that in the field of banking, the Full Form of PPS is Positive Pay System (Positive Pay System).
PPS Full Form : Positive Pay System
Positive Pay System (PPS)
Positive Pay System (PPS) This is a special type of mechanism, through which the information about the cheque issued by the customers has to be given to the bank where they have an account or a savings account. It is necessary to share such information while giving the cheque for clearance. Be aware that cheque information can be presented in a variety of ways.
Earlier this was the rule
According to the rules of the Reserve Bank of India, on January 1, 2021, the PPS facility was started by PNB for cheque of Rs 50,000 and above. After this, the banks were told by the RBI to Apply the positive pay system to clear the cheque of an amount of 5 lakhs and above. It is to be known that the cheque registered in PPS will be accepted only under the Dispute Resolution Mechanism.
To take advantage of this facility, you have to activate the PPS system by going to your bank branch. In this, you can activate this facility through any kind of online banking, net banking, that bank mobile app, SMS banking.
After this, you will have to give the information related to the cheque to the bank exactly 1 day before the cheque is cleared. In this, you have to mention the Account Number, Cheque Number, Issue Date, Amount and the name of the person to whom the payment is being made.
According to new information, earlier this facility was optional in banks, which means that only if the customer wanted, this service could be activated by the bank for his account. But now this service is being made mandatory by various banks, which means that now every customer has to give all the information related to the cheque to the bank exactly 1 day before the cheque is cleared for Rs.50,000 and above. Means now PPS has become Mandate in banks.
Now PPS Mandate in Banks
Under Positive Pay System (PPS), the issuer of the Cheque has to give all the details of the Cheque to the bank through SMS, mobile app, net banking or ATM. When the Cheque is deposited in the bank, all the information given by the account holder is checked by the bank. If the information provided by the account holders is found to be incorrect, then the Cheque will be rejected.
Positive Pay System (PPS) has been developed by the “National Payment Corporation of India (NPCI)”.
From April 4, under the new rule, customers will have to mandatorily verify the Positive Pay System for making payments of Rs 10,00,000 or more through cheques.
The country’s central bank Reserve Bank of India had decided to launch ‘Positive Pay System’ (PPS) for Cheque in the year 2020 to prevent banking fraud. Under this system, the required information may be required for payment of more than Rs 50,000 through Cheque.
Through Positive Pay System (PPS), Cheque information can be given through message, mobile app, internet banking or through ATM. This information is checked before making payment of Cheque.
Before understanding this Positive Pay System, one has to understand how the entire payment system works with Cheque. Suppose my account is in PNB and Your in State Bank, I gave you a Cheque of Rs 2 lakh to pay for it after the completion of any work.
You gave this Cheque to your bank i.e. State Bank. State Bank will show this Cheque to my bank i.e. PNB through Cheque CTS (Cheque Truncation System). PNB will give the amount written in that Cheque to your State Bank, and you will get the payment.
Now the scope of fraud here is that suppose the Cheque of 2 lakhs I have given to you in some way, if you have made a Cheque of 20 lakhs by mixing it, then it will be difficult for me.
In the new Positive Pay System, now when I will give any Cheque to anyone, then as well as give the complete details of this Cheque to my bank (PNB in this case). Like the date of the Cheque, the name of the beneficiary, account number, total amount and other necessary information will have to be given to the bank.
When you give my given Cheque to your bank, it will send it to my bank i.e. PNB through CTS. PNB will match the details of this Cheque with the details sent by me. If the details match, it will clear the Cheque, otherwise the Cheque will be rejected.
How to tell your bank about check
Now the question arises: how will I give information about any Cheque to my banks? So for this you can use mobile banking. If you do not use mobile banking, you can also inform your bank through the bank’s website or SMS.
This system has been made by National Payments Corporation of India – NPCI.
In this system, customers will have to give complete details (Account Number, Cheque Number, Date Issued, Amount and Name of the person taking the payment) for paying more than a certain amount. With this system, investors and customers will be able to get more protection than before.
Many government and private banks have implemented this rule. Positive Pay System has been implemented in almost all major banks like Punjab National Bank (PNB), State Bank of India (SBI), Bank of Baroda (BOB), Bank of India (BOI), Axis Bank, HDFC Bank, ICICI Bank etc.
How to activate Positive Pay system (PPS)
To take advantage of this facility, you have to go to your bank branch and get the PPS system activated. In this, you can activate this facility through any kind of online banking, net banking, mobile app of this bank, or SMS banking.
After this, you will have to give the information related to the Cheque to the bank just 1 day before the Cheque is cleared. In this, you have to mention the account number, Cheque number, date (issue date), total amount and the name of the person who is getting paid.
All the major banks have issued an alert in this regard to their customers. PNB Bank has made a Positive Pay System / PPS necessary for payment of Rs 5 lakh and above to its customers through Cheque to protect them from fraud.
The country’s leading bank PNB Bank says that this rule will come into effect from April 5, 2023. Earlier it was mandatory to give Cheque information under PPS before making payment of Rs 10 lakh or more. It has now been extended to Rs 5 lakh.
More information about the Positive Pay System can be obtained by visiting the official website of your bank or by calling the customer care toll free number of your bank.
So friends, in the above article, we have given you information about the Full Form of PPS in the Field of Banking (PPS Full Form in Banking): Positive Pay System, now below we have given information about some other Full Forms of PPS according to different fields.
PPS Full Form in UPSC Exam : Provincial Police Service
“Provincial Police Service” It is a police post which helps in maintaining law and order in a particular area. Mainly it is known as Uttar Pradesh Police for Grade A as Civil Services in Uttar Pradesh.
PPS Full Form in Police : Punjab Police Service
PPS Full Form in Government : Parliamentary Private Secretary
PPS Full Form in Engineering : Physically Protected Space
PPS Full Form in Engineering Subject : Programming for Problem Solving
PPS Full Form in Mechanical Engineering : PolyPhenylene Sulfide
Polyphenylene sulfide (PPS) is a semi-crystalline, high temperature engineering thermoplastic. It is a hard and opaque polymer with a high melting point (280°C). It consists of alternating para-phenylene units with sulfide linkages. It can be easily processed as well as its hardness increases at high temperature.
PPS Full Form in Medical : Post-Polio Syndrome
Post-polio syndrome (PPS) is a disease of the nerves and muscles. In some people this happens many years after having polio. Here PPS (Post-Polio Syndrome) can cause new muscle weakness that gets worse over time, with muscle and joint pain and fatigue. People with PPS often feel tired.
FAQ About PPS Full Form
Q . What is a Positive Pay System?
Ans : Positive Pay System is a measure by the Reserve Bank of India to prevent fraud through Cheque payment in the form of Cheque tampering or alteration.
In this, the issuer of the check reconfirms the main points which can be cross-checked when the Cheque arrives during the process of payment.
If the Cheque details provided through positive pay match with the details of the Cheque presented, then the payment is processed else the Cheque is returned.
Q . How does the Positive Pay System work?
Ans : Under the Positive Pay System, main details of large value Cheque are reverified. Under this process, the person issuing the Cheque gives certain minimum details of the Cheque to the drawee bank electronically through SMS, mobile app, internet banking, ATM etc. For example, date of Cheque, name of the beneficiary, amount etc.
These details are given electronically through email, mobile banking app or internet banking and are crosschecked with Cheque through CTS i.e. Cheque Truncation System.
Later, when the Cheque is presented to another bank for payment, the details are first verified. Cash will be given to the depositor if the details match, else the Cheque will be returned unpaid.
Q . Is it mandatory to use Positive Pay System?
Ans : It is not mandatory to use Positive Pay System. However, for the dispute resolution mechanism under CTS Grid, Cheque issued for value above Rs 50,000 will be accepted only if the account holder uses Positive Pay System.
Q. Will the check be processed if the account holder does not use the Positive Pay System (PPS)?
Ans : Yes, the Cheque will be processed in normal mode even if the account holder does not use Positive Pay. However, any issue related to Cheque will not be accepted by NPCI as a dispute resolution mechanism under Cheque Truncation System (CTS) Grid.
Q . Is there any service charge for using the Positive Pay facility?
Ans : No, Positive Pay facility is offered free of cost to all customers across all platforms including e-banking and mobile banking.
Q . What if there is a mistake while entering the details of the Cheque issued in Positive Pay System (PPS)?
Ans : If any mistake is made while entering the details of Cheque issued in Positive Pay System (PPS), the Bank will not clear the Cheque in case of any mismatch while entering the details.
Q . What is the meaning of PPS in police?
Ans : PPS in police means Provincial Police Service.
PPS officers hold various positions at circle, district, range, zonal and state levels to maintain order, enforce law and prevent and detect crime.
Q . Can a PPS officer be promoted to IPS?
Ans : As per the Indian Police Service (Appointment by Promotion) Regulations, 1955, PPS officers are eligible for promotion to IPS after completing eight years of service. But in reality officers are generally promoted to IPS after two and a half decades of service.
Q. What does PPS% mean in the field of medicine?
Ans : In Medicare, PPS is a method of reimbursement in which Medicare is paid based on a predetermined, fixed amount. The payment amount for a particular service is determined based on the classification system for that service (for example, diagnosis-related grouping for inpatient hospital services).
So friends, in the above article, we have given you information about different Full Forms of PPS terms in different fields.
Hopefully after reading this article, you must have got information about PPS Full Form.Friends, if you have any other information or suggestion about PPS Full Form apart from the information given here, then you can tell us through the comment below, we will also include it in this article.