With establishment of widespread network across the length and breadth of the country, GIRO will be a business model which perhaps no bank would like to miss. 36. Let me also briefly provide you some insight on a recent discussion paper on “Disincentivising Issuance and Usage of Cheques”.
Reserve Bank has observed that the e-payment mode has picked up at a rapid pace and April 2013 recorded higher e-payments as compared to cheque payments. The number of cheque payments are, however, still significantly high.