Bank of Baroda’s Cheque Clearance (Positive Pay Confirmation) rule has changed. Bank of Baroda has given this information to crores of its customers. Let’s know about the new rule.
New Delhi: If you are a customer of Bank of Baroda, then there is news of work for you. The bank has changed some of its big rules. The bank has implemented a new rule from yesterday i.e. February 1. If you do not know about this new rule of the bank, then you may have trouble in working.
Changes in cheque clearance system
Bank of Baroda’s rules related to Cheque Clearance (Positive Pay Confirmation) have changed. According to the information given by the bank, confirmation has now become mandatory for cheque payment from February 1. If the cheque is not confirmed, then that cheque can also be returned. However, these rules will be applicable to cheques with an amount of Rs 10 lakh or more.
Bank appeals to customers
The bank has appealed to its customers, ‘You should take advantage of the facility of positive pay for CTS clearing. The bank has done this rule to avoid fraud in the cheque. The bank has said to protect yourself from fraud by re-verifying the details through various channels.
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, cheque number, cheque date, cheque 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 cheques under cheque truncation system. cheque Truncation System is a process of clearing cheques. This makes the process of collection of cheques faster. National Payment Corporation of India (NPCI) is providing positive pay facility in cheque Truncation System (CTS) to banks. This system will be applicable on payment through cheque of 50 thousand or more amount.
How does Positive Pay System work?
Through this system, cheque 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 cheque. Here if there is a case of two banks i.e. the bank whose cheque has been deducted and the bank in which the cheque has been inserted, then both will be informed about this.
