Bank Rules Changed - BoB And Canara Bank

 Bank Rules Changed

Bank of Baroda has made “Positive Pay Confirmation” Mandatory for the Customers making Cheque Transaction of more than Rs 2 lakh.

Canara Change is Pertaining to IFSC Code

Bank Rules have been changed. Bank Customers must take note of the New Rules being implemented from June 1. 

While all bank customers need not to worry, Canara Bank and Bank of Baroda account holders must know the changes. Canara Bank’s change is pertaining to IFSC code and Bank of Baroda has made Positive pay confirmation mandatory to check Fraud Cheque Payments

Canara Bank has stated that “Existing IFSC of erstwhile Syndicate Bank” has been discontinued from July 1, 2021. The Canara Bank Authority has asked it customers to update their Bank Branch’s IFSC Code by 30 June. New IFSC will start from CNRB, Canara Bank has stated.

“We request you to inform the remitters (senders) to use only your New IFSC Code starting with “CNRB” while sending NEFT/RTGS/IMPS, from now itself,” Canara Bank Authority said.

Canara Bank customers can check new IFSC Code by visiting https://www.canarabank.com/IFSC.html.

Canara Bank Customers need to enter their Old IFSC to get the corresponding New IFSC.

You need to “Click here to get new IFSC” get the new code.

Bank of Baroda has made “Positive Pay Confirmation” mandatory for the customers making Cheque Transaction of more than Rs 2 lakh. 

From June 1, customers need to inform Bank of Baroda about “Positive Pay Confirmation”. However, Bank of Baroda customers can inform their branches about High Value Check Transaction in advance. Bank of Baroda said the details are Transaction Code, Account Number, Cheque Date, Cheque Number, Transaction Amount and Payee Name.