Business

Fast clearance of outstation cheques

Special Correspondent

BANGALORE: The Reserve Bank of India will soon launch a `cheque truncation system' that will drastically cut down the settlement time for outstation cheques.

The new system would be introduced on a pilot basis in the National Capital Region and later expanded to cover the entire country, the RBI Deputy Governor, V. Leeladhar, said here on Thursday. He said under the proposed system, outstation cheques, which would be captured and transferred electronically through a data and image process, could be realised within two hours. Mr. Leeladhar was speaking at the launch of SyndBillPay by Syndicate Bank.

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