At the same time the country is clearing paper cheques close to 50 lakhs per day, with the so called High Value Clearing clocking large volumes. The high value clearing which settles on T+0 basis was introduced in this country when we did not have any electronic products. Today this clearing entails high levels of operational risk.
It is time that we migrate this to electronic mode. RBI would soon be coming out with an approach document in this regard. However, despite the use of electronic methods of payments, the use of cheques will continue.