Attention Bank of Baroda customers! Changes in cheque payment rules to be implemented from THIS date

Bank of Baroda issued a new notification for its customers recently and notified them of the strict rules of cheque payment which is going to kick in from the beginning of next month, June. On their official Twitter account, Bank of Baroda said that from June 1, the bank is going to make Positive Pay confirmation mandatory. 

For the unversed, under Positive Pay, if a customer makes a payment of more than Rs 2 lakh through cheque, then they will have to confirm again. The transaction will be completed only when this process completes. Or else the cheque will be cancelled.

Bank of Baroda: Cheque payments to be confirmed twice

In its notification, the Bank of Baroda said that the confirmation can be done by the bank for a cheque worth more than Rs 50,000. Customers can confirm via net banking, mobile banking, branch phone, or SMS on 8422009988.

To complete the process, the customer needs 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.

Bank of Baroda: Decision taken to reduce check fraud cases

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

However, now the bank wants to help the customers and that is why it has appealed to the customers to inform them about the beneficiary in advance concerning any high-value check transaction. With this information, the bank will not need to take the customer's confirmation again at the time of clearing the cheque.