RBI has also established National Payment Corporation of India for focused attention on development and implementation of requisite technologies for enabling new modes of delivery. Electronic payment systems One of the areas where technology has facilitated significant revolution is payment systems. It started with the mechanization/ automation of certain processes by introduction of cheque sorters and readers, MICR based clearing etc.
However, except for a period reflecting the effects of a surge in oil prices, these policies failed to put an end to the trend of a price decline. On the contrary, as deflation became protracted, deflationary expectations became entrenched, which made overcoming of deflation even more difficult, producing a vicious circle.