From next Monday, the eighth month of the year i.e. August is going to start. 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 have a direct impact.

Attention Bank Of Baroda Customers! This rule will change from August 1
Following the guidelines of RBI regarding clearance of checks, Bank of Baroda has made some changes in its check payment rules. The bank has told its customers that from August 1, positive pay system will be mandatory for payment of checks with an amount of 5 lakhs or more. In the absence of this check payment will not be done.

What is positive pay system
The country’s central bank Reserve Bank of India had decided to introduce ‘Positive Pay System’ for checks in the year 2020 to prevent banking frauds. 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 message, mobile app, internet banking or through ATM. 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 in this month. So if you have any work related to the bank in August, then definitely check the holidays.