The customer of Bank of Baroda (BoB) has made certain changes in its cheque payment rules, effective today, 1 June 2021,  To prevent incidents of fraud, BoB has made ‘Positive pay confirmation’ for cheque payments mandatory for its customers. The bank added that the customers will only have to make the reconfirmation of cheque details when the amount to be processed is more than Rs 2 lakh.

“Centralized Positive Pay System is proposed to be mandatory from 1st June for all the cheques issued for Rs 2 Lacs & above. Avail the benefit of the Positive Pay System & prevent fraud in your account,” Bank Of Baroda said in a tweet.

What is Positive Pay

The concept of Positive Pay involves a process of reconfirming key details of large value cheques. Under this process, the issuer of the cheque submits details – such as the cheque number, cheque date, payee name, account number, amount – electronically.

Here is all you need to know about Bank of Baroda’s new cheque payment rule from today:

1) A cheque of Rs 50,000 and above can be confirmed.

2) There is no option for modification or deletion of a registered confirmation in any mode.

5) Confirmations submitted/verified up to 6 pm (daily) through any channel/ mode will only be processed for the next clearing session. Afterwards, all the confirmations will be processed for subsequent clearing session.

6) Confirmation through branches can be provided during the normal business hours of the respective Branch.

7) Rest all the modes/channels will be available 24×7 to provide the Positive Pay confirmations.

8) A reference (registration} number will be shared through SMS on the registered mobile number for each successful submission of Positive Pay confirmation.

9) Customers have to ensure maintain sufficient funds up to the presentment/payment of the issued cheque/s either confirmed or not.

10) Stale cheques (3 months older than the date of confirmation) will not be accepted.

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