Bank of Baroda cheque will not get cleared if bank accountholder does not do this mandatorily: Check details
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Bank of Baroda Positive Pay confirmation
Bank of Baroda has announced a revision in the mandatory threshold limit for Positive Pay Confirmation to improve cheque security and curb high-value cheque-related frauds.
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What is Positive Pay System?
The Positive Pay System, introduced by the RBI on January 1, 2021, is an electronic authentication mechanism where customers are required to share key cheque details with the bank before a high value cheque is processed. This enables the bank to verify and process high-value cheques without making a re-confirmation call.
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Updated mandatory thresholds for higher value cheques
Currently, Positive Pay is mandatory for cheques of Rs 5 lakh and above. However, the bank will now implement a phased reduction in the threshold. From May 1, 2025, it will be applicable for cheques of Rs 4 lakh and above, followed by Rs 3 lakh and above from August 1, 2025, and finally Rs 2 lakh and above from November 1, 2025.
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How to submit cheque details for Positive Pay System
Customers can submit Positive Pay details through various channels including mobile banking (Baroda M-Connect Plus), net banking (BOB iBanking), branch visits, SMS, call center, WhatsApp banking, and the bank’s website. Customers are advised to submit cheque details before handing them over to beneficiaries to ensure seamless and secure cheque clearance.
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How to submit cheque details for positive pay via mobile banking
For mobile banking, customers need to log in, go to Request Services > Positive Pay Confirmation, select the operative account, enter the cheque number, amount, payee’s name, date, and transaction code, then confirm using MPIN.
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How to submit cheque details for positive pay via net banking
For net banking, the process involves logging in, navigating to Services > Cheque Book > Centralized Positive Pay Mechanism, entering the required cheque details, and confirming the transaction password.