Central Banking

RBI’s Padmanabhan sets out plans to disincentivise cheque use

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The Reserve Bank of India (RBI) is looking into measures to reduce cheque usage and encourage a transition to electronic payments, according to G Padmanabhan, an executive director at the central bank.

Addressing the Bankers' Club in Thiruvanathapuram, Padmanabhan said despite the high cost and low speed of cheques, cheque-based transactions still account for 52% of payments in India. The central bank, he said, was looking at ways to nudge people towards 'electronic mode', including the

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