•  The development of the payment system infrastructure was strengthened with the introduction of the Negotiated Dealing System (NDS) in February 2002, formation of the  Clearing Corporation of India Ltd. (CCIL) in 2001, and the implementation of Real Time Gross Settlement (RTGS) system in March 2004 •  Measures have also been taken to make various other money market instruments (such as CDs, CPs, etc.)
freely accessible to non-bank participants. These measures were intended to improve the depth of as well as the efficiency and transparency of operations in the money market. •  As part of the development of new instruments, a major initiative pertains to Collateralised Borrowing and Lending Obligation (CBLO), which was operationalised as a money market instrument through CCIL on January 20, 2003.