As per the RBI directive, Positive Pay(CPPS) System will be mandatory wef 01.08.2022 for cheques issued for Rs 5 lakh & above. Such cheques will be rejected wef 01.08.2022 if Positive Pay confirmation is not provided. For details, call 18002584455/ visit www.bankofbaroda.in -Bank of Baroda
must confirm digitally
In a tweet made by Bank of Baroda, it was informed that we are committed to your banking safety. With BOB Positive Pay System, we want to keep our customers safe from any type of check fraud. For checks above Rs 5 lakh from 1st August, you will have to confirm digitally so that you do not face any kind of fraud.
What is Positive Pay System?
Checks in excess of the prescribed amount under the positive pay system will have to be informed to the bank in advance. The bank cross checks the details given about the check before making payment of the cheque. The reason behind implementing this rule of RBI is to prevent misuse of checks.
After the positive pay system is implemented, the issuer of the check will have to inform the bank about the date of the check, beneficiary name, account number, total amount, transaction code and check number through SMS, internet banking, ATM or mobile banking. The bank will cross-check these details before making payment of the cheque. In case of discrepancy, the bank will reject the check.