Bank of Baroda will make a big change in check payment rules from June 1. The bank has been implementing ‘Positive Payment Verification’ from the first date of next month. However, for the benefit of consumers, the bank said that the ‘Positive Payment Maritalization’ rule applies only to payments of more than 50 thousand
According to information provided on the bank’s website, the check issuer must now provide beneficiary information in advance. The bank believes it will take less time. On the other hand, check fraud can also be avoided.
State Bank of India warns customers that the service will not operate until 2 pm today
What is Positive Payment Margination?
Positive paycheck is an electronic process through which information is collected for large amounts of checks. In the process, the check issuer has to provide the check number, check date, beneficiary, money and other information to the bank. This results in a decrease in check fraud, on the other hand, checks are cleared from time to time.
What are the rules
50 50 Thousands of payments have to be made
ಈ This process can be easily done through media like Baroda Net Banking, Branch, SMS etc.
• Once information is provided it cannot be modified or deleted. However, the issuer can stop the payment process at any time before clearing the check.
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