On the off chance that you are a client of Bank of Baroda, there is insight about work for you. The bank has changed a portion of its large standards. In reality, from the approaching February 1, the bank will carry out the new rule. In the event that you don't be aware of this new rule of the bank, then, at that point, you might have an inconvenience in working.
Changes under tight restraints leeway framework
Allow us to let you know that the standards connected with Positive Pay Confirmation of Bank of Baroda will change from February 1. As per the data given by the bank, the affirmation will presently be required for actually looking at payments from February 1. On the off chance that the check isn't affirmed, then, at that point, that check can likewise be returned. Be that as it may, these principles will be pertinent on checks of a measure of 10 lakhs or more.
Bank requests to clients
The bank has done this standard to keep away from extortion in the check. The bank has said to shield itself from misrepresentation by re-checking the subtleties through different channels.
Alongside this, the Bank of Baroda has likewise given the office of virtual portable number 8422009988 for the clients for positive compensation affirmation. As indicated by this new rule, subsequent to composing CPPS, the affirmation will be made on sending it to 8422009988 with the account number, check number, check date, check account, exchange code, name of the payee. Aside from this, the client can approach the complementary number 1800 258 4455 and 1800 102 4455.
What is Positive Pay System?
Positive Pay System is to give insurance against misrepresentation in getting free from checks under really look at truncation framework. Check Truncation System is a course of clearing checks. It makes the course of an assortment of checks quicker. Public Payment Corporation of India (NPCI) is giving positive compensation offices in Check Truncation System (CTS) to banks. This framework will be pertinent on payments through checks of 50 thousand or more sum.
How does Positive Pay System function?
Through this framework, check data can be given through SMS, versatile application, web banking, and ATM. These subtleties will be re-confirmed prior to making payments of the check. Assuming any inconsistency is found in it, the bank will dismiss that check.
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