Bank Of Baroda Cheque Will Not Get Cleared If Account Holders…

New Delhi: State-owned Bank of Baroda (BoB) has made a big announcement for its consumers, that can affect clearance of cheques.

The public sector financial institution has requested consumers are to supply key main points of cheques earlier than delivering to the beneficiaries in order that Bank on the time of presentment for cost in CTS clearing / Branch / InterSol (in addition to on counter) can go the High Value cheques with none re-confirmation telephone name via their base Branch.

Customers are asked to supply key main points of cheques earlier than delivering to the beneficiaries in order that Bank on the time of presentment for cost in CTS clearing / Branch / InterSol (in addition to on counter) can go the High Value cheques with none re-confirmation telephone name via your base Branch.

Cheque of Rs 50,000 & above will also be showed via Positive Pay however it’s obligatory for Clearing cheques of Rs 5 Lakhs & above. All such clearing cheques are being returned w.e.f.23.01.2023, if Positive Pay Confirmation isn’t equipped. Subsequently, all cheque transactions (together with Branch/Inter-sol) of Rs.5 Lakhs & above with out Positive pay affirmation are being returned w.e.f.07.07.2023 to stop frauds.

Bank of Baroda Positive Pay Threshold Reduced

Bank of Baroda has stated that to additional curb prime price cheque similar frauds, it’s been made up our minds to convey down the required threshold prohibit of Positive Pay Confirmation for all CTS clearing cheques to Rs 2 lakhs & above from the present prohibit of Rs 5 lakhs & above in a phased method as discussed under:

1. Rs 4 Lakhs & above: From 01 May 2025

2. Rs 3 Lakhs & above: From 01 August 2025

3. Rs 2 Lakhs & above: From 01 November 2025

Available Modes/Channels for affirmation are bobworld (Mobile Banking), bobworld Internet (Net Banking), via Base Branch, SMS on 8422009988, WhatsApp Banking (8433 888 777) and Bank’s web site, BoB stated.

What is Positive Pay System and the way it makes Cheques safe

In a bid to test banking fraud, the Reserve Bank of India had offered the ”certain pay machine” for cheque, underneath which re-confirmation of key main points could also be wanted for bills past Rs 50,000.

This Cheque bills rule of certain pay machine will come into impact from January 1 2021. While availing of this facility is on the discretion of the account holder, banks might believe making it obligatory in case of cheques for quantities of Rs 5 lakh and above.

The thought of Positive Pay comes to a technique of reconfirming key main points of huge price cheques.

Under this procedure, the issuer of the cheque submits electronically, via channels like SMS, cellular app, web banking, ATM, and so on., positive minimal main points of that cheque (like date, title of the beneficiary / payee, quantity, and so on.) to the drawee financial institution, main points of which might be move checked with the introduced cheque via CTS.

Any discrepancy is flagged via CTS to the drawee financial institution and presenting financial institution, who would take redressal measures.