BOB Rules Changes From 1 August Positive Pay System Introduced For Check Clearance Of Bob
Bank of Baroda Rules Changed: If you are a customer...
Bank of Baroda Rules Changed: If you are a customer of Bank of Baroda, then this news is of your use. From August 1, major changes are being made in the way of depositing checks in the bank. After the rules made by the Reserve Bank of India, now the bank is going to implement the positive pay system (BOB Positive Pay System) for check payment. In such a situation, if you issue a check after August 1, 2022, then it will be necessary to cross-verify it digitally.
These banks implemented this system
Let us tell you that before this many banks of the country have implemented the positive pay system here. This includes State Bank of India (SBI), Punjab National Bank, ICICI Bank, Axis Bank and HDFC Bank.
The information was tweeted by the bank
Bank of Baroda has given information by tweeting on this matter from its official Twitter handle, ‘We are committed to your banking security. Through BOB Positive Pay System, we want to keep you safe from check fraud. On checks above Rs 5 lakh, you will have to digitally confirm it so that you do not fall victim to any fraud.
Committed to ensure the security of your banking. With Positive Pay System, we are here to protect you from check frauds. Checks of Rs. 5 lakh & above are confirmed before payment. So simply #BankSafe with #BankofBaroda#AzadiKaAmritMahotsav @AmritMahotsav pic.twitter.com/xPzDwjy8Jp
— Bank of Baroda (@bankofbaroda) July 5, 2022
Give the details of the check like this
Now if you issue a check of more than Rs 5 lakh, then after August 1, its positive pay system will be necessary. Without this, now check payment cannot be done. On check payment of more than 5 lakhs, you will have to give this information to the bank. This information will be cross verified before giving clearance. If the information entered in the check and the digital information do not match, then your clearance will not be done.
You enter the beneficiary name, account number, amount, check number etc. through SMS, ATM, Internet Banking and Mobile Banking. After this the bank will cross verify all this information before clearing the check and after that the check will be cleared. This process will help in preventing check related fraud.
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