Bank of Baroda customers alert! Cheque payment rules will change from THIS date

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New Delhi: Bank of Baroda has not too long ago issued a brand new notification for its customers concerning the stringent rules of cheque payment that’s going kick in from the start of subsequent month.

Sharing the knowledge from its official Twitter account, Bank of Baroda stated that from June 1, the financial institution goes to make Positive Pay affirmation obligatory. Under this, if the payment of greater than Rs 2 lakh is made by means of cheque, then the shopper will have to substantiate once more. The transaction will be accomplished solely when this course of completes. Otherwise the cheque will be cancelled.

Cheque payment will need to be confirmed twice

In the notification issued by the Bank of Baroda, it has been stated that affirmation may be completed by the financial institution for cheque value greater than Rs 50,000. Customers may give affirmation by web banking, cell banking, department cellphone or SMS on 8422009988. For this, it will be essential to share the identify of the beneficiary, the quantity (in rupees), the date of the cheque when it was issued, the quantity numbers, the account quantity and the cheque quantity.

Decision goals to cut back examine fraud instances

In accordance with the Reserve Bank of India (RBI) order, BOB launched the Centralized Positive Pay System (CPPS) on 1 January 2021, to curb the fraudulent checks (Bank Check Fraud) that happen throughout examine funds. Now the financial institution goes to implement it for the profit of the customers. Therefore, the financial institution has appealed to the customers to tell it concerning the beneficiary upfront concerning the excessive worth examine transaction. With this, the financial institution will not take the shopper’s affirmation once more on the time of clearing the cheque.

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