Bank of Baroda changes cheque payment rules - Know its implementation DATE

The Bank of Baroda (BoB) has issued a new notification for its customers regarding cheque payment. The bank will implement the new norms from 1 June 2021. 

The Bank of Baroda shared this information on its Twitter account. The tweet says the Bank of Baroda is going to make the Positive Pay system mandatory from 1 June. Known as the Positive Pay system, it will be mandatory for Rs 50,000 and above issued cheques.

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Under this system, if the transaction is made through a cheque, then the customer will have to confirm again. The transaction will be completed only when this process completes. Else the cheque will be canceled.

The Bank of Baroda notified that the confirmation will be done by the bank for a cheque worth over Rs 50,000. Customers can give confirmation by net banking, mobile banking, branch phone, or SMS on 8422009988. The bank has highlighted 6 mandatory inputs for confirmation. These are the payee's name, the amount (in rupees), the issue date of the cheque, the amount in numbers, the account number, and the cheque number. 

As per accordance with the Reserve Bank of India's order on 25 September 2020, the Bank of Baroda introduced the Centralised Positive Pay System (CPPS) on 1 January 2021, to curb the fraudulent checks that occur during cheque payments. However, the bank will implement this by the beginning of the next month.