Payments in India: Dawn of a new era

India is fast adopting new technology says HSBC.
March 12, 2004
  • Although paper-based transactions may never be completely eliminated due to the geographic spread of the country and limits of clearing house services, India has moved quickly into e-banking these past years.
  • Large business centres now all have magnetic ink character recognition cheque-clearing processes, and the Reserve Bank of India has been instrumental in introducing an electronic clearing service, electronic funds transfer, and the special electronic funds transfer system.
  • Credit, debit, and smart cards are also gaining popularity in India, but real-time gross settlement RTGS is seen as essential to moving India into full e-banking status.
  • RTGS will impact banks' technology, their change and risk management, business practices and...

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