Section 25 of PSSA : Section 25: Dishonour Of Electronic Funds Transfer For Insufficiency, Etc, Of Funds In The Account
PSSA
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Explanation using Example
Imagine John tries to pay his electricity bill through an online banking transfer. He initiates a transfer of INR 5,000 from his bank account to the electricity company. Unfortunately, John's account has only INR 2,000, which is insufficient to cover the transfer. The bank, therefore, does not process the transaction and informs the electricity company that the transaction has been dishonoured due to insufficient funds.
The electricity company then sends a wr...
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