Positive pay system BoB: Bank of Baroda is now implementing positive pay system to protect its customers from check payment fraud. Under this, verification of checks of more than Rs 2 lakh after June 1 will be mandatory.
Public sector bank of Baroda is now going to make payment facility through check more convenient than ever for its customers. This will protect customers from possible fraud. For payment through check in Bank of Baroda, it will be mandatory to verify before payment of more than Rs 2 lakh under ‘Positive Pay System’. Verification can be done through mobile / net banking and branch on check payment of more than 2 lakh rupees. It will be made mandatory from June 1, 2021.
Some time ago, the Bank of Baroda gave information about this through its official Twitter handle. This bank is constantly informing its customers about this through different channels. The bank says that they are committed to making banking transactions more secure than before. Positive pay system is a step taken in this direction, which will guarantee customers protection against any kind of fraud during check payment. This facility will be applicable for CTC clearing. The bank will have to tell about this before issuing any kind of check. Positive pay facility is already available on check of more than 50 thousand rupees through check.
How can you use positive pay system?
For positive pay system, information will be given to the bank on behalf of the customer. This information will have to be confirmed by calling through the official mobile app of Bank of Baroda ‘M Connect Plus’, net banking, 1800 258 4455, SMS or WhatsApp on 8422 009 988 or by going to the branch. For this kind of confirmation, the customer has to give 6 information related to the check.
This information will be the name of the payee on the check, payment amount, account number, check number, transaction code and the date of issue of the check. Once the customer has confirmed them, then they will not have the option to delete or modify this. After confirmation it is sent to NPCL.
Keep this in mind for quick check passing
This check will be passed only if the information given for the clearing does not match completely. The input given by the customers will be matched with the check given for clearing. Apart from this, the amount deposited in the account and signature match will also be done as usual.
Only before 6 pm on the day of banking business, the confirmation will be sent to NPCL so that this clearing will be done in the next clearing session. All confirmation after 6 pm will be dealt with in its next clearing session.
What is the law of clearance?
In the information given by the Reserve Bank of India regarding the check clearance, it has been said that the customer can take advantage of this positive pay system on checks worth more than Rs. 50 thousand. The check whose stator is unused, allready confirmed or passed, can be dealt only through mobile, net banking, branch visit or call center based on the given account number. Under this system, a reference number will also be sent to the customer’s registered mobile number after check confirmation.
Also, it has to be noted that if a check is earlier than 3 months, then this system will not be taken. Remember that in order to use positive pay system, customers will have to enter MPIN and password etc. just like mobile banking or net banking.
