From change in IFSC code requirement to cheque payments; these rules are going to change from this date | Details
New Delhi | Jagran Business Desk: If you are a customer of Bank of Baroda, Canara Bank or Syndicate Bank, then the latest changes in the rules and regulations of these banks must be duly noted by you. Bank of Baroda has made some changes in its procedure related to the payments made through cheque, whereas Canara Bank and Syndicate Bank has made some changes related to IFSC code requirements.
Bank of Baroda’s cheque payment changes
From June 1 2021, Bank of Baroda will make ‘Positive pay confirmation’ mandatory for its customers to prevent incidents of fraud during payments made through cheques.
“Customers are requested to provide us advance intimation of cheques issued to the beneficiaries so that Bank at the time of presentment in CTS clearing can pass the High-Value cheques without contacting to the customers,” Bank of Baroda’s statement as published on its official website says. The Bank added that the customers will only have to make the reconfirmation of cheque details when the amount to be processed is more than Rs 2 Lakh.
The IFSC Codes of Canara Bank and Syndicate Bank to change on this date:
Canara Bank informed its customers that the IFSC codes of its branches will change on 1st July 2021. Whereas the customers of Syndicate Bank have been told to update their Bank Branch’s IFSC code by July 1. The respective customers will have to visit the websites of Syndicate Bank and Canara Bank to know the updated IFSC codes of these banks.
In April last year, Syndicate Bank was merged into Canara Bank. Whereas another major Bank merger in the same year was that of Bank of Baroda, Dena Bank and Vijaya Bank which combined the operations of these Banks for better operational feasibility.
Posted By: Talibuddin Khan