State of the art primary issuance process with electronic bidding and straight through processing capabilities, an efficient, completely dematerialized depository system within the Central Bank, Delivery-versusPayment (DvP) mode of settlement, Real Time Gross Settlement (RTGS), electronic trading platform (Negotiated Dealing Systems – Order Matching) (NDS-OM) and a separate Central Counter Party (CCP) in the Clearing Corporation of India Ltd (CCIL) for guaranteed settlement are among the steps that were taken by the Reserve Bank over the years towards this end.
I would like to turn now to two important issues facing us, and which the Finance Committee will also have to deal with: the recommendations of the Bachar Committee, and the Bank of Israel Law.