- If your account is also in Bank of Baroda then this news is for you. Let us tell you that the government bank BOB is coming up with a new rule for its account holders. Under this rule, confirmation will be necessary for checks of 10 lakhs or more. This new rule is regarding check clearance. It has been named as Positive Pay Confirmation. This rule will be applicable from February 1, 2022 and for this, confirmation will be necessary. Payment will be returned to Clearing without confirmation. The new rule of positive pay confirmation has been implemented by RBI.
What does the new rule say?
Let us tell you that the Reserve Bank of India (RBI) has implemented the positive pay confirmation rule. According to the new rule, if a person has to give a cheque, then before that the bank will have to give all the information related to the cheque. With this, Bank of Baroda will not have any problem in passing cheque of high value.
How to do Check Clearance?
If a customer wants, he can do cheque clearance of 50 thousand rupees or more. Cheque confirmation can be done by visiting M Connect Plus, Baroda Net Banking, branch or SMS to 8422009988. For cheque clearance, customers need to pay attention to 6 important things. In this, the name of the payee, cheque amount, account number, cheque number, transaction code and date of the cheque will have to be mentioned.
However, if the customer wants, he can stop the cheque payment before going to CTC clearing. Cheque for which confirmation is received by 6 pm will be sent for processing for the next clearing session.
What is the rule of check clearance
After verification of the positive pay confirmation attached to the cheque, a reference or registration number will be given on the registered mobile number of the customer. While issuing the cheque, the customer should keep sufficient balance in his account so that the cheque does not bounce. Cheque clearance has to be given through any one mode only.