Bank of Baroda has made certain significant changes to its cheque payment rules, which will come into effect from June 1, 2021.
Starting today, BoB customers will have to mandatorily grant ‘Positive pay confirmation’ to conduct cheque payments of Rs 2 lakh and above.
Giving advance intimation to the lender before passing high-value cheques, will ensure preventing financial frauds conducted during cheque transactions.
Here is everything you need to know about BoB’s positive pay confirmation and how to go about it.
What is Positive Pay Confirmation?
Bank of Baroda has mentioned that according to a circular issued by RBI on September 25, 2020, it has introduced the Centralized Positive Pay System (CPPS) w.e.f. 01.01 .2021.
The Positive Pay system is basically a process of reconfirming the key details of a high-value check from the issuer, in this case, mandatorily a cheque value of Rs 2 lakh and above.
Speaking of ‘key details’ of the cheque to be submitted, it includes details like cheque number, cheque date, payee name, account number, amount, and other details against a list of cheques previously authorized and issued by the issuer.
Here is everything you need to know about BoB’s positive pay confirmation and how to go about it.
- A cheque payment of Rs 50,000 and above can be confirmed too, besides mandatory confirmation of Rs 2 lakh and more.
- There will be no option for customers to modify the details of registered confirmation.
- Customers can stop the payment of issued cheques at any point of time before its presentation / payment in CTS clearing or at the counter.
- The cheque will be passed only if the provided key details match the actual cheque presented in the CTS clearing, and if otherwise is in order viz. sufficient funds, Signature match etc.
- Customers have to ensure they maintain sufficient funds up to the presentment/payment of the issued cheque/s either confirmed or not.
- Proposed modes/channels for confirmation are M Connect+, Baroda Net Banking (BOBiBanking), through Branch, SMS on 8422009988 etc.
- Confirmations submitted/verified up to 06.00 pm (everyday) through any channel/mode will only be processed for the next clearing session. Afterwards, all the confirmations will be processed for subsequent clearing sessions.
- Confirmation through branches can be provided during the normal business hours of the respective branch. Rest all the modes/channels will be available 24×7 to provide the Positive Pay confirmations.
- Confirmations must be provided through any one mode only.
- Stale cheques (3 months older from date of confirmation) will not be accepted.
- Any future date of the cheque will be accepted.
- Customers have to enter their login credentials MPIN, Password etc. in Mobile Banking/Net Banking etc.
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