Does BOB make huge changes??
Attention customers of this public sector bank! The bank is going to make important changes, rules apply from august 1
If you are a customer of bank of Baroda (BoB) then it is very important for you. Bob is going to change the rules regarding checks.
If you are a customer of bank of Baroda (BoB) then it is very important for you. Bob is going to change the rules regarding checks. Actually, from august 1, 2022, the Positive Pay Confirmation rule will be applicable to the customers of the bank of Baroda. Now bank of Baroda customers will have to verify important information in checks above Rs 5 lakh electronically to the bank before verifying it.
The customer of bank of Baroda will have to provide the details of the check before handing it over to the beneficiaries so that the bank can present the check of 5 lakhs for payment without any confirmation call. According to the bank circular, "Positive Pay Confirmation will be made mandatory for checks of Rs 05 lakh and above with effect from 01.08.2022. If there is no confirmation, the check can be returned."
Under the Positive Pay system, the issuer of the check electronically through SMS, internet banking, ATM, or mobile banking will have to confirm the date of the check, beneficiary name, account number, total amount, transaction code, and check number to the bank. The bank will cross-check these details before making the check payment. If any discrepancy is found in it, the bank will reject the check.
If you are a customer of bank of Baroda (BoB) then it is very important for you. Bob is going to change the rules regarding checks.
If you are a customer of bank of Baroda (BoB) then it is very important for you. Bob is going to change the rules regarding checks. Actually, from august 1, 2022, the Positive Pay Confirmation rule will be applicable to the customers of the bank of Baroda. Now bank of Baroda customers will have to verify important information in checks above Rs 5 lakh electronically to the bank before verifying it.
The customer of bank of Baroda will have to provide the details of the check before handing it over to the beneficiaries so that the bank can present the check of 5 lakhs for payment without any confirmation call. According to the bank circular, "Positive Pay Confirmation will be made mandatory for checks of Rs 05 lakh and above with effect from 01.08.2022. If there is no confirmation, the check can be returned."
Under the Positive Pay system, the issuer of the check electronically through SMS, internet banking, ATM, or mobile banking will have to confirm the date of the check, beneficiary name, account number, total amount, transaction code, and check number to the bank. The bank will cross-check these details before making the check payment. If any discrepancy is found in it, the bank will reject the check.