Individuals who have their accounts in Financial institution of Baroda will likely be required to present “constructive pay affirmation” to the lender from subsequent month for cheque funds of over Rs 2 lakh. The brand new rule will come into impact from June 1, and is aimed toward stopping monetary frauds in cheque transactions.
Financial institution of Baroda on its official web site mentioned the shoppers can present the lender “advance intimation” of high-value cheques, in order that they’ll clear them without having to contact the issuers.
What’s Optimistic Pay System
The Optimistic Pay system primarily recollects the important thing particulars of a high-value cheque from the issuer. A buyer can electronically present the main points of a high-value cheque he/she has issued to somebody. The small print embrace cheque quantity, payee identify, transaction quantity, account quantity, cheque date, and transaction code.
Key options of Financial institution of Baroda’s Optimistic Pay
-Whereas prospects must mandatorily reconfirm the main points of a cheque transaction above Rs 2 lakh, folks making fee above Rs 50,000 may use the Optimistic Pay System. Which means that prospects who concern a cheque of worth greater than Rs 50,000 can reconfirm the main points to the lender from June 1.
-There will likely be no choice for patrons to switch the main points of registered affirmation.
-The cheque will likely be cleared provided that the reconfirmed particulars match the main points on the financial institution notice.
-Confirmations offered to the financial institution earlier than 6 pm will likely be meant for the subsequent clearing session. Particulars given after 6 pm will likely be taken up for the following classes.
-Particulars could be reconfirmed by way of cellular banking, internet banking, SMS, department go to or by calling the financial institution’s toll free numbers
-Particulars should be offered solely by way of one of many modes.
-Prospects will obtain a reference quantity on their registered cellular quantity for each cheque issued after efficiently offering the main points.