Looks like I got screwed up
Went to the RTO as you suggested - today afternoon. They made me wait for sometime, as usual But finally I found out the correct person who can track all these things. He checked in his books/records and found out that the RC has not been despatched (though he is also not sure ) and also he checked all the docs which he had but couldn't even find out my documents which I had submitted last month

He said he will check it once more on Monday and let me know I don't know what to do now

Yippie!
After so much of drama, finally the smart card has arrived The guy I mentioned in my previous post was really helpful. I called him up today morning, he said the smart card has already been dispatched last Wednesday and gave me the tracking number. The guy who was taking care of the tracking details didn't update him and that was why the info was missing last Saturday when I went to the RTO As soon as I got the tracking number, searched on the India Post site and came to know that the smart card has arrived safely

But still I am not sure where the document had gone - which I submitted last month Even that guy was not sure about that Whatever, finally the bike is mine

Thank you all for the support and guidance. Will be writing a detailed description on the procedure to be followed for transferring the ownership and will post the same here. That would be helpful for Bangaloreans at least

Cheers,
dukeofkent