BOB changes cheque payment rules!!

D N INDUJAA
Cheque Payment rule: This bank has issued new rules for cheque payment from august 1, cheque immediately if not the rules.. bank of Baroda: bank of Baroda is going to change the rules of cheque clearance for its customers from august 1.
Following the guidelines of the central bank RBI regarding the clearance of cheques, the big public sector bank i.e. bank of Baroda has made some changes in its cheque payment rules. bank of Baroda has told its customers that from august 1, a positive pay system will be mandatory for the payment of cheque with an amount of Rs 5 lakh or more. In its absence, payment of cheques can be stopped.



Bank of Baroda said in a tweet, “We are committed to your banking security. With a positive payment system, we protect you from cheque fraud.” From 1st august 2022, the BOB Positive Pay System will be mandatory for the amount of Rs 5 lakh or more.
National Payments Corporation of india (NPCI) has developed PPS whereby the customer issuing a high denomination cheque has to share certain required details like a cheque number, cheque amount, date, and beneficiary name. Is necessary. These details are cross-checked while presenting the cheque for payment.
The cheque issuer can provide the required details through electronic means like SMS, mobile app, internet banking, or ATM. After this, this information will be cross-checked before payment of the cheque. If any mistake is found in it, the bank will reject the cheque. Here if there is a case of 2 banks i.e. the bank whose cheque has been deducted and the bank in which the cheque has been inserted, then both will be informed about it.
The bank OF INDIA' target='_blank' title='reserve bank of india-Latest Updates, Photos, Videos are a click away, CLICK NOW'>reserve bank of india (RBI) had issued guidelines to provide the facility of PPS for cheques of Rs 50,000 and above. At present, the central bank has asked to consider making it mandatory for cheques above Rs 5 lakh.
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