August will see a number of changes in rules including the launch of the Positive Pay System (PPS), a change to the Bank of Baroda's cheque payment system, and an 18-day bank holiday. Here is all the information you need regarding these changes.
A mandatory PPS has been proposed by Bank of Baroda for cheques written for sums over Rs 5,000,000. Prior to payment, clients must digitally validate key cheque information for authentication. The system will increase banking security by protecting users from fraudulent transactions.
“Committed to ensuring the security of your banking. With Positive Pay System, we are here to protect you from cheque fraud.”
Bank of Baroda informed its clients via its social media account that cheques of Rs 5 lakh and above are confirmed prior to the payment.
What is a positive pay system?
Some of the banks that informed their customers about the PPS initiative before August 1 to cash high-value cheques are State Bank of India and Bank of Baroda.
The RBI website states that PPS entails a procedure of reconfirming important information of large value cheques. In this procedure, the cheque issuer electronically provides the minimum details about the check, including the name, date, and amount, using a mobile app, SMS, UPI, or an ATM.
Details are checked when the cheque is delivered to another bank for payment processing. For the payment to be made to the depositor, the details must match. The cheque will be returned unpaid if not. The National Payments Corporation of India (NPCI) developed this system to ensure precise and reliable transactions.
LPG gas cylinder prices to change
The cost of liquid petroleum gas cylinders has significantly increased this month. Despite the announcement of a subsidy of Rs 200 per cylinder for Pradhan Mantri Ujjwala Yojana beneficiaries, Rs 853 is still twice what was paid out seven years prior.
On August 1, the public sector oil marketing companies set the price, and recent trends suggest that prices may be slightly higher.
