A major change in the cheque payment system?
Big news has come out for those making cheque payments. bank of Baroda (BOB), a public sector bank with crores of customers, has made major changes in its cheque clearance system. These rules will come into effect from 1 february 2022. If the users of BOB do not follow these rules then their cheque will not be cleared.
What are the new rules of the bank?
The rules related to cheque clearance of bank of Baroda (BOB) will change from february 1. According to BOB, confirmation will now be mandatory for cheque payment from february 1. If the check is not confirmed, then that cheque can also be returned. However, these rules will be applied to cheques with an amount of Rs 10 lakh or more.
The bank has advised its customers to use Positive Pay. The bank said, “You can avail the facility of positive pay for CTS clearing. The bank has made this rule to avoid fraud in cheques. Protect yourself from fraud by re-verifying the details through various means.” The special thing is that under this process, if there is a mistake in anything, then the bank will cancel the cheque payment.
How will Positive Pay Confirmation work?
Along with the changed rules, BOB has also provided the service of virtual mobile number 8422009988 for the customers for positive pay confirmation. Under this new rule, after writing the CPPS, confirmation will be made on sending the details of the account number, cheque number, cheque date, cheque account, transaction code, name of the holder to 8422009988. At the same time, customers can also get information by calling toll-free numbers 1800 258 4455 and 1800 102 4455.
