RBI to launch cheque truncation

"RBI will finalise necessary technical process for pilot project and this will be in place by July," R Gandhi, RBI Chief General Manager (IT), said.

Gandhi said the cheque truncation project, which would use electronic images of a cheque for processing, is a new concept and therefore the central bank would be careful in implementing the pilot project.

Asked about Real Time Gross Settlement, he said banks are within the pre-determined schedule of complying the RTGS norms and deadline.

"At present, banks are extending the RTGS solutions to regional banks including Tier II and Tier III cities," he added.