Centralized Positive Pay System is proposed to be mandatory from 1st June for all the cheques issued for ₹2 Lacs & above

Centralized Positive Pay System is proposed to be mandatory from 1st June for all the cheques issued for 2 Lacs & above. Avail the benefit of the Positive Pay System & prevent fraud in your account," Bank Of Baroda said in a tweet.


What is Positive Pay

The concept of Positive Pay involves a process of reconfirming key details of large value cheques. Under this process, the issuer of the cheque submits details - such as the cheque number, cheque date, payee name, account number, amount - electronically.

Here is all you need to know about Bank of Baroda's new cheque payment rule from today:

1) A cheque of 50,000 and above can be confirmed.

2) There is no option for modification or deletion of a registered confirmation in any mode.

3) Customers can stop the payment of issued cheques at any point of time before its presentment/payment in CTS clearing or at the counter.

4) The cheque will be passed if provided key details matches with the actual cheque presented in the CTS clearing and if otherwise is in order viz. sufficient funds, Signature match etc.

5) Confirmations submitted/verified up to 6 pm (daily) through any channel/ mode will only be processed for the next clearing session. Afterwards, all the confirmations will be processed for subsequent clearing session.

6) Confirmation through branches can be provided during the normal business hours of the respective Branch.

7) Rest all the modes/channels will be available 24x7 to provide the Positive Pay confirmations.

8) A reference (registration} number will be shared through SMS on the registered mobile number for each successful submission of Positive Pay confirmation.

9) Customers have to ensure maintain sufficient funds up to the presentment/payment of the issued cheque/s either confirmed or not.

10) Stale cheques (3 months older than the date of confirmation) will not be accepted.