........The RBI said that an electronic GIRO instrument (A GIRO transfer is a payment instruction from one bank account to another bank account) for effecting credit transfer by a payer from any branch of a bank or from any other authorised non-bank would be explored. Further, considering the fact that cheque continues to be a dominant payment instrument in India, the scope of implementing a cheque based GIRO system would be examined.........
Read - HBL
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