Based on the provided context, there is no "PPS bank." However, PPS refers to the Positive Pay System, a fraud prevention mechanism utilized by banks.
Understanding Positive Pay System (PPS)
The Positive Pay System is designed to protect bank account holders from cheque fraud. Here's how it works:
- Cheque Issuance: When a customer issues a cheque, they submit details of that cheque to their bank before it is presented for payment.
- Required Details: These details typically include:
- Cheque Number
- Cheque Amount
- Cheque Date
- Payee/Beneficiary Name
- Verification: When the cheque is presented for payment, the bank matches the details against the information provided by the issuer.
- Payment or Rejection: If the details match, the cheque is paid. If there are discrepancies, the bank can reject the cheque, preventing fraudulent transactions.
Key Features of Positive Pay System
- Eligibility: The reference specifies that Positive Pay System is available for all account holders issuing cheques for amounts of Rs. 50,000 and above.
- Purpose: It's a tool to enhance security and reduce cheque-related fraud.
In conclusion, there is no bank called "PPS bank." The provided information relates to the Positive Pay System, a fraud prevention tool implemented by banks to verify cheque details before payment.
