The Cheque Clearance (Positive Pay Confirmation) rule at Bank of Baroda has changed. Hundreds of thousands of Bank of Baroda clients have received this message. Let’s get the word out about the new rule.
If you are a Bank of Baroda customer, there is some good news for you. Some of the bank’s major rules have been altered. From yesterday, February 1, the bank has adopted a new rule. If you are unaware of the bank’s new rule, you may have difficulties at work.
Changes to the clearance system for Cheque
The rules for Cheque Clearance (Positive Pay Confirmation) at Bank of Baroda have changed. According to the bank’s information, a Cheque payment confirmation will be required starting February 1st. If the Cheque is not confirmed, it can be returned as well. These laws, however, will apply to cheques with a value of ten lakhs or more.
Customers are being contacted by the bank.
‘You should make use of the facility of positive pay for CTS clearing,’ the bank has urged its customers. This rule was implemented by the bank to prevent Cheque fraud. Protect yourself from fraud, according to the bank, by re-verifying the information through numerous means.
In addition, the Bank of Baroda has provided consumers with the option of using a virtual phone number, 8422009988, for affirmative pay confirmation. According to the new rule, after writing CPPS, you must confirm it by submitting it to 8422009988 along with your account number, Cheque number, Cheque date, Cheque account, transaction code, and payee’s name. Aside from that, customers can call 1800 258 4455 or 1800 102 4455, both of which are toll-free numbers.
What is the Positive Pay System, and how does it work?
The purpose of the Positive Pay Method is to protect against Cheque fraud when using the Cheque truncation system. The Clearing Cheque Truncation System is a method of clearing Cheque. This makes the Cheque collection procedure go more quickly. The National Payment Corporation of India (NPCI) offers banks a positive pay option through the Cheque Truncation System (CTS). This technique will be used when payment of 50,000 or more is made via Cheque.
What is the Positive Pay System and how does it work?
Cheque information can be sent by SMS, mobile app, internet banking, and ATM using this technique. Before the cheque is paid, these details will be double-checked. If there is a disparity, the bank will reject the cheque. If there are two banks involved, the bank from which the Cheque was deducted and the bank from which the cheque was inserted, both will be notified.