If you do not need toolbar, you can simply use Text area control than RTE.
Hide toolbar option is available for read only RTE, but it will always show toolbar for other than read-only mode. As a work around, you can set value of "pyShowToolbar" property to '1' which will hide the toolbar. Do remember, it will have an application wide impact.
I'm with Gurpreet, if you are trying to hide the toolbar for an editable RTE, then an RTE is not the right control choice for you. Can you better describe your business requirements that have lead you down this path/idea?
Thanks for your reply. We have a functionality where user will compose a letter. As a part of this they want to use bold and underline to enrich content of the letter.
To avoid formatting issues, we want to hide all other options in rich text editor. Also above mentioned solution will fail if we use keyboard short cuts. But that can be handled through user training if there is no alternative solution.
Can you please suggest easy way to hide only certain options in RTE?