In my view, it was also wise to decide that the microprudential supervisory authorities, the BFC and the ISO(Insurance Supervision Office), which tomorrow become the BFIC (Banking, Finance and Insurance Commission), should remain separate from the central bank while strengthening their links with the Bank.
IDBRT, let me note here, has been an important facilitator in the adoption and development of technology in the Indian banking sector. 5. The changing face of the banking sector aided by technological innovations can be seen from various developments in the recent past. The most noteworthy has been the usage of the ATM technology.