Central Banking

RBI’s Padmanabhan sets out plans to disincentivise cheque use

reserve-bank-of-india-pic-2

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

Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.

To access these options, along with all other subscription benefits, please contact info@centralbanking.com or view our subscription options here: http://subscriptions.centralbanking.com/subscribe

You are currently unable to copy this content. Please contact info@centralbanking.com to find out more.

Sorry, our subscription options are not loading right now

Please try again later. Get in touch with our customer services team if this issue persists.

New to Central Banking? View our subscription options

Register for Central Banking

All fields are mandatory unless otherwise highlighted

This address will be used to create your account

FedNow – at last

The instant payment system might help fix the US’s rusty payment rails, but it also faces competition, says Dave Birch

You need to sign in to use this feature. If you don’t have a Central Banking account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an individual account

.