Bank of Baroda will make ‘Positive pay confirmation’ mandatory for its customers to prevent incidents of fraud during payments made through cheques from June 1. When the amount to be processed is more than Rs 2 lakh, then only the customers will only have to make the reconfirmation of cheque details.
Bank of Baroda said on its website, "Customers are requested to provide us advance intimation of cheques issued to the beneficiaries so that Bank at the time of presentation in CTS clearing can pass the High-Value cheques without contacting the customers".
What is ‘Positive Pay'?
A process of reconfirming key details of high value cheques is known a 'Positive Pay'. The issuer of the cheque submits electronically details related to the cheque presented for clearings, such as the cheque number, cheque date, payee name, account number, amount, and other details against a list of cheques previously authorized and issued by the issuer under this process.
Bank of Baroda's new cheque payment rule: Key things to know
-A cheque of Rs 50,000 and above can be confirmed.
-There is no option for Modification or deletion of a registered confirmation in any mode because modification/deletion could not take place once the data will be 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 the counter.
-The cheque will be passed if provided key details match with the actual cheque presented in the CTS clearing and if otherwise is in order viz. sufficient funds, Signature match etc.
-Confirmations submitted/verified up to 6 pm (daily) through any channel/ mode will only be processed for the next clearing session. Afterwards, all the confirmations will be processed for subsequent clearing sessions. Confirmation through Branches can be provided during the normal business hours of the respective Branch. Rest all the modes/channels will be available 24x7 to provide the Positive Pay confirmations.
-A reference (registration} number will be shared through SMS on the registered mobile number for each successful submission of Positive Pay confirmation.
-Customers have to ensure sufficient funds up to the presentment/payment of the issued cheque/s either confirmed or not.
-Confirmations must be provided through any one mode only- Mobile Banking, Net Banking, Branch visit, SMS, Call Center.
-Stale cheques (3 months older from the date of confirmation) will not be accepted.