The Bank of Baroda Positive Pay System will come into effect from next month, where customers have to provide key information for high-value cheques.
Bank of Baroda Cheque Rule: Customers of Bank of Baroda will go through an important rule change next month, as the lender has announced modifications in its system. From August 1, 2022, Bank of Baroda has proposed that its customers have to electronically confirm important information about cheques exceeding a value of Rs 5 lakh. The customer needs to confirm with the bank for authentication before they can be cleared under the bank’s Positive Pay System. This is done to ensure that the customer has the ultimate safety while dealing with high-value transactions. The Bank of Baroda, with its Positive Pay System, will shield you from any cheque frauds
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As per the BoB circular, “W.e.f. 01.08.2022, Positive Pay confirmation is proposed to be made mandatory for cheques issued for Rs.05.00 lacs & above. That means, cheques issued for these values shall be returned in the clearing/Intersol without payment, if positive pay confirmation is not provided on or after 01.08.2022.”
The lender has also confirmed the same on its Twitter account in an announcement. “Committed to ensure the security of your banking. With Positive Pay System, we are here to protect you from cheque frauds. Cheques of Rs. 5 lakh & above are confirmed before payment,” it said in a tweet dated July 5, Tuesday.
“BOB Customers are requested to provide key details of the cheque before handing over to the beneficiaries, so that Bank at the time of presentment for payment in CTS clearing (as well as at other than base branch of BOB) can pass the High Value cheques without any reconfirmation phone call by the base Branch,” the Bank of Baroda further said in its circular.
For Positive Pay confirmation, Bank of Baroda customers will have to enter six mandatory information including — cheque date, name of the payee, amount of money, account number, cheque number and transaction code.
Bank of Baroda customers can use the Positive Pay System to confirm cheques of Rs 50,000 and above using various modes such as M Connect+, Baroda Net Banking (BOBiBanking), by visiting the branch, or by dropping an SMS on 8422009988 among others. If the information submitted through Positive Pay system does not match the physical cheque submitted in the CTS clearing, then such cheques will not be cleared.
As per Bank of Baroda, “There is no option for Modification or deletion of a registered confirmation in any mode because, modification/deletion could not takes place once the data will be submitted to the server provided by the National Payment Corporation of India. However, customers can stop the payment of issued cheques at any point of time before its presentment / payment in CTS clearing or at counter.”
