Bank of Baroda account holder, customer? This rule is going to change - Check details

Bank of Baroda New Cheque Rule: Bank of Baroda is going to make certain changes in its cheque payment rules from June 1, 2021. Customers of the bank can note that from June 1 BOB will make ‘Positive pay confirmation’ mandatory in order to prevent fraud incidents during payments made via cheques.

"We are committed to making your banking transactions secure. And with the Positive Pay System, we are here to offer you protection against cheque frauds," Bank of Baroda tweeted.

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The bank said that under this, if the payment of more than Rs 2 lakh is made via cheque, then the customer will have to reconfirm the cheque details. The transaction will be completed only when this process completes otherwise the cheque will be cancelled, as per a report by zeenews.india.com.

BOB in a notification has said that confirmation can be done by the bank for cheque worth more than Rs 50,000. Confirmation can be given by the customers via net banking, mobile banking, branch phone or SMS on 8422009988.

It added that it will be necessary to share the name of the beneficiary, the amount (in rupees), the date of the cheque when it was issued, the amount numbers, the account number and the cheque number.

BOB introduced the Centralized Positive Pay System (CPPS) on January 1, 2021, in accordance with the Reserve Bank of India (RBI) order to curb the fraudulent checks (Bank Check Fraud) that occur during check payments.

Now the bank is going to implement the same for the benefit of the customers and hence has appealed to the customers to inform it about the beneficiary in advance regarding the high value check transaction.

If the information will be provided to the bank in advance then it will not take the customer's confirmation again at the time of clearing the cheque.