This work proposes a wavelet based Steganographic technique for the color image. The true color cover image and the true color secret image both are decomposed into three separate color planes namely R, G and B. Each plane of the images is decomposed into four sub bands using DWT. Each color plane of the secret image is hidden by alpha blending technique in the corresponding sub bands of the respective color planes of the original image. During embedding, secret image is dispersed within the original image depending upon the alpha value. Extraction of the secret image varies according to the alpha value. In this approach the stego image generated is of acceptable level of imperceptibility and distortion compared to the cover image and the overall security is high.