Bank of Baroda has changed the rule of Cheque (BOB Cheque rule). The bank is going to implement the positive wage confirmation rule from 1st August. The bank is implementing this rule to prevent Cheque fraud.
Bank of Baroda has issued important information for its customers. Bank of Baroda has changed the rule of Cheque (BOB Cheque rule). Bank of Baroda customers will now have to electronically inform the bank before verification of Cheque above Rs 5 lakh. After this, any Cheque above Rs 5 lakh can be cleared. The bank is going to implement the positive wage confirmation rule from 1st August.
A new pay system will be implemented
Bank of Baroda customers will have to provide important information about the Cheque to the bank before issuing a cheque in the name of any person. With this, banks will be able to easily payCheque for large amounts without any verification calls.
According to the bank circular, the positive pay confirmation rule will be applicable from August 1, 2022. Under this, it has been said to make the new rule mandatory for cheques of more than five lakh rupees.
Necessary for security
If a customer does not verify the Cheque details, the Cheque will not be paid by the bank. Committed to ensuring the safety of your banking, according to the bank’s official Twitter account. We are here to protect your Cheque from fraud with the help of a positive pay confirmation system. Please confirm with us before issuing Cheque of Rs.5 lakhs or more.
This information has to be given to the bank.
Cheque date
Recipient Name
Zodiac
Account Number
Cheque number
transaction code
Know what is the positive pay system
In the positive pay system, the bank has to first notice that the value of the Cheque exceeds a certain amount. The bank reconciles the information given before payment and the details of the cheque. It is an automated fraud detection tool.
This rule has been implemented so that the Cheque cannot be misused. Under the positive payment system, the issuer of the Cheque has to inform the bank through SMS, Internet Banking, ATM, or Mobile Banking.
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