E Amazings
  • Home
  • Automotive
  • Business
  • CBD
  • Crypto
  • Education
  • Entertainment
  • Fashion
  • Finance
  • Health
  • Home Improvement
  • Law \ Legal
  • News
  • Shopping
  • Sports
  • Technology
  • Travel

Subscribe to Updates

Get the latest creative news from FooBar about art, design and business.

What's Hot

India poised to achieve $5 trillion economy dream through ‘Atmanirbhar Bharat’ strategy, says expert

August 7, 2022

Sister’s Day 2022: Date, Significance, WhatsApp message, greetings

August 7, 2022

Homemade CAT Scan Shouldn’t Scan Cats

August 7, 2022
Facebook Twitter Instagram
E Amazings
  • Home
  • Automotive
  • Business
  • CBD
  • Crypto
  • Education
  • Entertainment
  • Fashion
  • Finance
  • Health
  • Home Improvement
  • Law \ Legal
  • News
  • Shopping
  • Sports
  • Technology
  • Travel
Facebook Twitter Instagram
E Amazings
You are at:Home»Business»What is Positive Pay System? This bank’s new rule for cheque payment​ comes into effect from today – All you need to know
Business

What is Positive Pay System? This bank’s new rule for cheque payment​ comes into effect from today – All you need to know

Paul EasterBy Paul EasterAugust 1, 2022No Comments2 Mins Read
Facebook Twitter Pinterest LinkedIn Tumblr Email
Share
Facebook Twitter Pinterest WhatsApp Email


Bank of Baroda cheque rule: Bank of Baroda has introduced a new cheque rule for its customers. Starting August 1, the bank has made it mandatory for its customers to electronically confirm important information about cheques of high value.BoB customers will have to confirm for authentication with the bank before the cheque exceeding Rs 5 lakh is cleared under the bank’s Positive Pay System.That means, cheques issued exceeding Rs 5 lakh shall be returned in the clearing/Intersol without payment, if Positive Pay confirmation is not provided.

For Positive Pay confirmation, customers will have to enter six mandatory information including — cheque date, name of the payee, amount of money, account number, cheque number and transaction code.

The new rule has been introduced in order to ensure the safety of customers’ accounts dealing with high-value transactions. The bank believes that its Positive Pay System will help to check any cheque frauds.

“Committed to ensure the security of your banking. With Positive Pay System, we are here to protect you from cheque frauds. Cheques of Rs. 5 lakh & above are confirmed before payment. So simply #BankSafe with #BankofBaroda,” the bank tweeted.

Committed to ensure the security of your banking. With Positive Pay System, we are here to protect you from cheque frauds. Cheques of Rs. 5 lakh & above are confirmed before payment. So simply #BankSafe with #BankofBaroda#AzadiKaAmritMahotsav @AmritMahotsav pic.twitter.com/xPzDwjy8Jp

— Bank of Baroda (@bankofbaroda) July 5, 2022

As per the bank, there is no option for modification or deletion of a registered confirmation in any mode because modification/deletion cannot take place once the data is submitted to the server provided by the National Payment Corporation of India. However, customers can stop the payment of issued cheques at any point of time before its presentment / payment in CTS clearing or at counter.





Source link

Paul Easter

Related Posts

India poised to achieve $5 trillion economy dream through ‘Atmanirbhar Bharat’ strategy, says expert

By Paul EasterAugust 7, 2022

Sister’s Day 2022: Date, Significance, WhatsApp message, greetings

By Paul EasterAugust 7, 2022

Q1 results: IOC, HPCL, BPCL post Rs 18,480 cr loss in quarter 1 on holding petrol, diesel prices

By Paul EasterAugust 7, 2022

Commonwealth Games 2022: Indian women’s hockey team wins bronze

By Paul EasterAugust 7, 2022
Add A Comment

Comments are closed.

Our Picks

India poised to achieve $5 trillion economy dream through ‘Atmanirbhar Bharat’ strategy, says expert

By Paul EasterAugust 7, 2022

Sister’s Day 2022: Date, Significance, WhatsApp message, greetings

By Paul EasterAugust 7, 2022

Homemade CAT Scan Shouldn’t Scan Cats

By Paul EasterAugust 7, 2022
Recent Posts
  • India poised to achieve $5 trillion economy dream through ‘Atmanirbhar Bharat’ strategy, says expert August 7, 2022
  • Sister’s Day 2022: Date, Significance, WhatsApp message, greetings August 7, 2022
  • Homemade CAT Scan Shouldn’t Scan Cats August 7, 2022
  • Q1 results: IOC, HPCL, BPCL post Rs 18,480 cr loss in quarter 1 on holding petrol, diesel prices August 7, 2022
  • Commonwealth Games 2022: Indian women’s hockey team wins bronze August 7, 2022
  • Commonwealth Games 2022: Boxer Amit Panghal bagged gold for India August 7, 2022
  • ETH Facing Huge Resistance, Is Major Correction Inbound Before $2K? (Ethereum Price Analysis) August 7, 2022
Archives
  • August 2022
  • July 2022
  • June 2022
Facebook Twitter Instagram Pinterest TikTok
  • Home
© 2022 E Amazings - All Rights Reserved.

Type above and press Enter to search. Press Esc to cancel.