Bank of Baroda has as of late gave another notice for its clients in regard to the tough principles of check installment that is going kick in from the start of one month from now.
Sharing the data from its authority Twitter account, Bank of Baroda said that from June 1, the bank will make Positive Pay affirmation obligatory. Under this, if the installment of more than Rs 2 lakh is made through check, at that point the client should affirm once more. The exchange will be finished just when this cycle finishes. Something else, the check will be dropped.
Check Installment Should Be Affirmed Twice
In the notice given by the Bank of Baroda, it has been said that affirmation should be possible by the bank for checks worth more than Rs 50,000. Clients can give affirmation by net banking, versatile banking, branch telephone, or SMS on 8422009988. For this, it will be important to share the name of the recipient, the sum (in rupees), the date of the check when it was given, the sum numbers, the record number, and the check number.
Choice Expects To Decrease Check Misrepresentation Cases
As per the Reserve Bank of India (RBI) request, BOB presented the Centralized Positive Pay System (CPPS) on 1 January 2021, to control the false checks (Bank Check Fraud) that happen during check installments. Presently the bank will carry out it to serve the clients. In this way, the bank has engaged the clients to educate it about the recipient ahead of time in regard to the high worth check exchange. With this, the bank will not take the client's affirmation again at the hour of clearing the check.