The Reserve Bank has taken up as its mission, the expansion of the reach of NEFT to cover all computerised / networked branches of banks as outlined in the Payment Systems Vision document. The plan is to provide NEFT facilities initially at all the RTGS customer-enabled branches and thereafter, extend the same to cover almost all the computerised branches of banks across the country.
Finally, a major initiative, as far as funds movement is concerned, is cheque truncation. In order to improve efficiency and substantially reduce the time taken for cheque processing, the Reserve Bank has initiated steps to introduce a Cheque Truncation System (CTS). A pilot project is scheduled to commence in the National Capital Region in Delhi by the end of this year.