This demonstration of alertness proved extremely useful in the period that followed, after midSeptember, when we had to guard against both deflationary risks in the short term and inflationary risks in the medium and longer term.
This institute, the Institute for Development and Research in Banking Technology (IDRBT), set up by the RBI in 1997, implemented the INdianFInancialNETwork – the INFINET – a “one-of-a-kind” initiative for the banking sector aimed at sharing expensive IT resources so as to achieve economies of scale.