The Reserve Bank of India [Get Quote] will soon implement its pilot project on inter bank cheque truncation services in New Delhi and later extend it to other parts of the country. "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.
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