Bank Of Baroda Check Rule Change: If you are a customer of Bank of Baroda (Bank Of Baroda- BoB), then there is very important news for you. BoB has changed the big rule. Let’s know the latest updates.
Bank Of Baroda check rule change from 1 Aug: If you are also a customer of Bank of Baroda (Bank Of Baroda- BoB), then definitely read this news. BoB is going to make major changes in the rules related to checks from August 1. Now the Positive Pay Confirmation rule will be applicable for the customers of Bank of Baroda. That is, now customers of Bank of Baroda will have to verify all the information in checks above Rs 5 lakh electronically to the bank before verifying it.
Bank gave information
The customer of Bank of Baroda has been told, ‘Before handing over the check to the beneficiaries, its details will have to be given so that the bank can present the check of 5 lakhs for payment without any confirmation call.’ According to the bank circular, ‘Positive Pay Confirmation will be made mandatory for checks of 05 lakh and above with effect from 01.08.2022. If there is no confirmation, the check can be returned.
The bank provided this facility
Along with this, Bank of Baroda has also provided the facility of virtual mobile number 8422009988 for the customers for positive pay confirmation. According to this new rule, after writing CPPS, confirmation will be made on sending it to 8422009988 with account number, check number, check date, check account, transaction code, name of the payee. Apart from this, the customer can call on the toll free number 1800 258 4455 and 1800 102 4455.
What is Positive Pay System?
Positive Pay System is to provide protection against fraud in clearing of checks under check truncation system. Check Truncation System is a process of clearing cheques. This makes the process of collection of checks faster. National Payment Corporation of India (NPCI) is providing positive pay facility in Check Truncation System (CTS) to banks.
How does Positive Pay System work?
Through this system, check information can be given through SMS, mobile app, internet banking and ATM. These details will be re-verified before making payment of the cheque. If any discrepancy is found in it, the bank will reject the check. Here if there is a case of two banks i.e. the bank whose check has been deducted and the bank in which the check has been inserted, then both will be informed about this.