The Federal Reserve Board is developing a draft law that would facilitate check truncation by removing several existing legal impediments to the use of electronics in check processing. Another form of truncation occurs at the point of sale, where the check is written. In this approach, a customer’s check is scanned, converted into an electronic payment, and handed back to the customer.
Each of these fora have evolved into vibrant platforms for deliberating and sorting out policy and operational issues with specific focus on this sector. I would urge the industry bodies, including ASSOCHAM, to use these platforms extensively to deliberate on critical issues (and not merely raising rhetoric for reducing interest rates) and put forward suggestions for policy interventions. Conclusion 21.