ICICI Bank has launched eftCheque, a mobile app, that can replicate the look and feel of a physical cheque and able instant remittance of funds to anyone witho0ut having to register beneficiaries and without the recipient’s ban account details. The app also has an option to deposit a physical cheque received by the customer electronically by clicking a photo using the mobile app’s MICR reader option. Since Reserve Bank of India (RBI) regulations require that cheque imaging takes place at the bank branch, the cheque has to still be deposited. However, the fact that cheque details are uploaded to the bank enables the clearing process to be speeded up. The main difference between eftCheque and sending payments online is that the eftCheque can be issued to anyone and not just registered beneficiaries. Also, the sender need not know bank details of the recipient while issuing the eftCheque.
