RBI also played a very pivotal role in developing the payment market infrastructure and facilitating use of technology in the banking sector by setting up institutions like the IDRBT, NPCI, CCIL etc. Currently, these institutions provide the platform for running missioncritical and secured payment system applications like RTGS, Secured Financial Messaging System, Negotiated Dealing Settlement System etc. 4.
Information Technology Act enacted in the year 2000 gave a further fillip to conducting of transactions in a computerised environment by providing a legal underpinning. Internet penetration gradually increased which led to increasing use of internet as a channel for delivery of banking products and services. The exponential growth of mobile phone users in the country also fast-tracked their usages as a delivery channel.