Central Banking

RBI spells out centralised cheque clearing system

The Reserve Bank of India (RBI) has detailed plans to set up a centralised clearing house system to provide an interface for image based inter-bank cheque truncation between presenting and drawee banks.

At a seminar on Banking Frontiers, RBI's chief general manager-in-charge R Gandhi said: "RBI will be launching a pilot project for image-based inter-bank cheque truncation in the national capital region (NCR) region of Delhi in July-August of 2005-06. The centralised clearing house will provide