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Thursday, May 11, 2006

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RBI to go ahead with cheque truncation

Our Bureau

Mumbai , May 10

The Reserve Bank of India (RBI) will go ahead and implement the cheque truncation system even if all the banks are not prepared for it, said a senior RBI official.

He said that many big banks were still unprepared in terms of implementing the cheque truncation system. "Only 52 banks are ready for the new system. Some big banks have not chosen their vendors and are still unprepared."

"The system will be put in place in a phased manner before the deadline of December 2006. Banks that are not prepared will be just left out," he added.

"We are making arrangements for three concurrent sessions of high-value, local and inter-city cheque clearing," said the official.

NCR Corporation of India is currently the vendor for the RBI and banks such as the State Bank of India, ICICI, HDFC, Citibank and IndusInd bank to implement the cheque truncation system.

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