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To prevent fraud in cheque transactions, Bank of Baroda has announced a new rule for customers paying through cheques of ₹2 lakh or more. Now you will have to provide confirmation for cheque payments of Rs.2 lakh or more.
In an important move to enhance the security of cheque transactions, Bank of Baroda has made it mandatory to provide Positive Pay Confirmation for all cheques of ₹2 lakh and above. This step aims to protect customers from fraud and ensure that large payments are processed safely.
What is Positive Pay Confirmation?
Positive Pay Confirmation is a process where the cheque issuer (the person who writes the cheque) shares important details of the cheque with the bank before the cheque is presented for clearing. This helps the bank verify the authenticity of the cheque and prevent misuse. This helps in identifying whether the cheque has been genuinely issued by customer or not.
From When Will This Rule Be Applicable?
Bank of Baroda has set different implementation dates depending on the cheque amount. If amount of cheque is Rs.4 lakh or more then you must submit PPS form from 1st May 2025. If amount of cheque is Rs.3 lakh or more then you must submit PPS form from 1 August 2025. If amount of cheque is Rs.2 lakh or more then you must submit PPS from 1 November 2025.
- For cheques of ₹4 lakh or more: Mandatory from 1st May 2025
- For cheques of ₹3 lakh or more: Mandatory from 1st August 2025
- For cheques of ₹2 lakh or more: Mandatory from 1st November 2025
What Will Happen If Positive Pay Is Not Done?
If you do not provide the Positive Pay Confirmation for cheques of ₹2 lakh or more, the bank has the right to return (bounce) the cheque, and the payment will not be processed. This could cause inconvenience to both the issuer and the receiver of the cheque.
What Details Need to Be Provided in Positive Pay?
To complete Positive Pay Confirmation, you will need to submit the following details of the cheque:
- Cheque number
- Your account number
- Name of the beneficiary (person receiving the money)
- Transaction code
- Amount mentioned on the cheque
- Date mentioned on the cheque
You can provide this information through mobile banking, internet banking, or by visiting the branch. Positive Pay System (PPS) is a simple process. You just need to visit bank branch and submit PPS form to the officer in Bank.
How to Get Your CKYC Number?
To receive your CKYC number or CKYC ID on your mobile, you can contact the Central Registry by calling their toll-free number: 7799022129.
This is an important update for all Bank of Baroda customers who frequently make payments through cheques. You can also provide PPS Confirmation online without visiting branch. Just click on this link and submit details.
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