Truncation means shortening. The data type for the field usd_amt is decimal(10,2) which means you can store a floating point number with a maximum of ten digits, of which two can be right of the decimal point. The value you are trying to insert is thei: 1.0305555555555554, so MySQL would have to truncate the number to 1.03 in order to insert it, and that is why you see this exception.
Thankyou Paul Sturrock, When i tried to insert the query using JSP front end is was showing the error, but when i tried it out using the mysql prompt it was working perfectly and was inserting it like x.yy format. So the problem is with the JSP coding!! Also when i searched in Google using the error, i got the results like, to change the jdbc connecter.? is that possible..
I dont understand how a connector helps you fix this exception. How does a connector help in changing the basic properties of a DATATYPE? The only ways you can fix this is, either change the data type to decimal(10,2) to decimal(somenumber,somebignumber) or Round the decimal value to two digits if your requirement permits.