Reserve Bank of India on Tuesday proposed to cover 20,000 more branches under the Real Time Gross Settlement system in the next two months.
As of April 13, RTGS connectivity was available in 19,301 bank branches as against a target of 15,000 branches, the RBI said in its Annual Policy Statement 2006-07.
For further promotion of electronic transfer, RBI has decided to extend for another year, the waiver of processing fees on banks for electronic transactions.
The Monetary and Credit Policy 2006-2007
"Waiver of processing fees for RTGS transactions would continue up to March 31, 2007," the RBI stated.
To enhance efficiency in the retail cheque clearing sector, the pilot project for Cheque Truncation System is expected to be implemented in New Delhi by the end of December.