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Our Bureau

Chennai , Nov. 22

Retail electronic payments rose by 36 per cent in the first half of the current fiscal.

According to the Reserve Bank of India's Bulletin (November), payments made through this form were at Rs 1,00,668 crore in the period from April-September 2006, as compared with Rs 73,984 crore in the corresponding period of the previous fiscal.

The main components of electronic payments during the six-month period this fiscal were (a) Electronic funds transfer which accounted for Rs 35,233 crore, (b) Electronic clearing service (credit - items include salary, dividend, interest payments), which accounted for Rs 33,511 crore and (c) ECS (debits - items include mandates to telephone companies, electricity companies, other utility services), which contributed Rs 10,440 crore. Credit card payments contributed Rs 17,799 crore, while debit card payments were at Rs 3,686 crore.

Retail electronic payments still constitute only a fraction of paper-based (cheque) payments. In 2005-06, cheque-clearing volumes were over Rs 11,300,000 crore, while electronic payments were about Rs 1,46,383 crore.

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