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Bank of Baroda: Rules will be changed regarding check payment from June 1, customers may face problems

Bank of Baroda is going to start the Positive Pay System from the beginning of next month. Under this, now you will have to undergo a repeat check if you make a payment check of more than 50 thousand.




NEW DELHI: Bank of Baroda ( Bank Of Baroda ‘s) recently issued a new notification to your customers (New Notification) in. Accordingly, Czech payments from the beginning of next month ( Cheque Payment ) is going to be a change in the rules.

Positive pay confirmation will apply

Bank of Baroda shared the information from its official Twitter account, stating that, ‘From June 1, the bank is going to make Positive Pay confirmation mandatory. Under this, if the payment of more than 2 lakhs is made through check, then the customer will have to confirm again. The transaction will be completed only when this process completes. Otherwise the check will be canceled.

Check payment will have to be confirmed twice In the notification issued by the bank, it has been said that confirmation can be done by the bank for checks worth more than 50 thousand. Customers can give confirmation by net banking, mobile banking, branch phone or SMS on 8422009988. For this, it is necessary to share the name of the beneficiary, the amount (in rupees), the date of the check, the amount numbers, the account number and the check number. Help will be reduced in check fraud case As per the order of the Reserve Bank ( RBI ), BOB has introduced Centralized Positive Pay System i.e. CPPS on January 1, 2021, to curb the fraudulent checks (Bank Check Fraud) that occur during check payments. Now the bank is going to implement it for the benefit of the customers. Therefore, the bank has appealed to the customers to inform the bank about the beneficiary in advance regarding the high value check transaction. As a result of this, the bank will not take any further confirmation from the customer at the time of clearing.

 

Parvesh Maurya
Parvesh Maurya
Parvesh Maurya, has 5 years of experience in writing Finance Content, Entertainment news, Cricket and more. He has done BA in English. He loves to Play Sports and read books in free time. In case of any complain or feedback, please contact me @ informalnewz@gmail.com
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