New Delhi: The eighth month of the year i.e. August is going to start on Monday. With the advent of August, many rules related to the banking system and many rules related to bank ATMs are going to change. Due to this change, you may also face some problems and your pocket is going to be directly affected.
Attention Bank of Baroda customers! This rule will change from August 1
Following the guidelines of RBI regarding the clearance of checks, the Bank of Baroda has made some changes to its check payment rules. The bank has told its customers that from August 1, a positive pay system will be mandatory for the payment of checks with an amount of 5 lakhs or more. In the absence of this check, payment will not be done.
What is a positive pay system?
The country’s central bank Reserve Bank of India had decided to introduce a ‘Positive Pay System’ for checks in the year 2020 to prevent banking fraud. Under this system, some key information may be required for payment of more than Rs 50,000 through check. Through this system, check information can be given through messages, mobile apps, internet banking, or ATMs. These details are checked before making payment of the cheque.
Banks will be closed for 13 days in August
Banks are going to be closed for 13 days in the month of August due to festivals and holidays. Big festivals like Independence Day 2022, Rakshabandhan 2022, Janmashtami 2022, and Ganesh Chaturthi 2022 are held this month. So if you have any work related to the bank in August, then definitely check the holidays.
