Bank of Baroda changed the rules regarding checks.
The bank has implemented the positive pay system as per the instructions of RBI.
Customers not complying with the new terms may have their check rejected.
New Delhi. If you are a Bank of Baroda (BOB) customer and do check transactions, then this news is important for you. The bank has changed its rules regarding checks. Now if you do not deposit the check according to the new rules, then it can be canceled. The bank has implemented Positive Pay System (PPS) with effect from August 1 with an amount of Rs 5 lakh or more.
Let us tell you that RBI had asked banks to implement PPS in January 2021 itself but many banks have not been able to implement it till now. Keeping in view the guidelines of RBI, Bank of Baroda has implemented PPS from 1st August. RBI is trying to prevent check related fraud through the new system.
what is pps
Positive Pay System (PPS) is the system in which the issuer of the check has to provide the details of the check taker through SMS, mobile app, internet banking or ATM. In which the amount of the check, name of the beneficiary, account number, check number and other information are included. If the customer who issued the check does not give this information to the bank, then the bank can refuse to clear the check.
Informed customers in June
Bank of Baroda had issued guidelines in June itself for implementing the Positive Pay System (PPS) for an amount of Rs 5 lakh or more. The bank had said that if any customer issues a check without PPS confirmation after August 1, 2022, his check will be refused clear and the check will be returned.
Many other big changes implemented from today
Apart from changing the rules regarding checks by Bank of Baroda from August 1, many major changes have also taken place. These changes have a direct impact on the common man. These include fines for filing ITR, change in LPG prices, KYC of PM Kisan and closure of registration of PM Fasal Bima Yojana. Let us inform that today the prices of commercial LPG have been reduced by about Rs 36.
FIRST PUBLISHED : August 01, 2022, 13:46 IST