Electronic transactions keep cheque deals under check

Fewer Indians seem to be going the old-fashioned way of writing out a cheque, opting instead for the more convenient electronic transaction.  Data from the Reserve Bank of India (RBI) show retail banking through electronic channels accounted for almost 90 per cent of the value transacted in financial year 2011-12, a sharp increase from below 30 per cent in 2005-06, with the rest being via paper transactions — which would include cheques and demand drafts. The amount transacted through the electronic mode increased 70 per cent in 2011-12 against the previous year................

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