Bank of Baroda New Rules: Bank of Baroda’s cheque will not be cleared if you do not do this. BoB’s rules have changed. If you do not give information to the bank, the bank will not pass the cheque. Your money transfer work may get stuck
Bank of Baroda New Rules: Bank of Baroda’s cheque will not be cleared if you do not do this. BoB’s rules have changed. If you do not give information to the bank, the bank will not pass the cheque. Your money transfer work may get stuck. Bank of Baroda has decided to reduce the mandatory limit of Positive Pay System to strengthen the security of the cheque and prevent fraud. Earlier this facility was applicable on cheques of Rs 5 lakh or more, but now this value has reduced. Now it will be mandatory to give information to the bank even on a cheque of Rs 2 lakh.
What is Positive Pay System?
The Positive Pay System was introduced by the Reserve Bank of India (RBI) on 1 January 2021. Under this, before issuing a cheque to the customer, the bank has to give some important information related to that cheque, such as cheque number, date, amount, beneficiary name etc. With this, the bank will have to verify the information given in the cheque before clearing it. So that, the chances of fraud are reduced.
When will the changed rule come into effect?
Bank of Baroda has now decided to make this system mandatory on cheques of lower amounts as well. It will be implemented in three phases.
- From May 1, 2025: Mandatory on cheques of Rs 4 lakh or more
- From August 1, 2025: Mandatory on cheques of Rs 3 lakh or more
- From November 1, 2025: Mandatory on cheques of Rs 2 lakh or more
How to send Positive Pay information?
Bank of Baroda has given many easy options for customers through which they can send cheque information.
- Mobile Banking (Baroda M-Connect Plus)
- Net Banking (BOB iBanking)
- By visiting the bank branch
- By sending an SMS
- Through the call center
- WhatsApp Banking
- Through the bank’s website
Send the information to the bank before giving the cheque, so that there is no hindrance in clearance.
How to do Positive Pay Confirmation through mobile banking?
- Log in to Baroda M-Connect Plus app.
- Go to Request Services and select Positive Pay Confirmation.
- Select Account
- Fill in the cheque number, amount, beneficiary’s name, date and transaction code.
- Verify by entering MPIN.
How to do Positive Pay Confirmation through net banking?
- Log in to BOB iBanking.
- Go to Services > Cheque Book > Centralized Positive Pay Mechanism
- Fill in all the required details of the cheque
- Enter the transaction password and confirm
If you are issuing a cheque of Rs 2 lakh or more, it will be mandatory to give Positive Pay Confirmation after the due dates. This will keep your amount safe and prevent fraud.
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