Until 1994, the debt market was purely a telephone market meaning that all trades were negotiated and concluded directly by investors. The NSE introduced a screen-based trading system with the objective of increasing transparency in the market. But the general experience is that while actual trade is still negotiated over the counter, mere reporting is done through such a system.
Fast forward to 2017, during the time when most institutions were hesitant and unsure of the cloud services, the approach was again used to further explore the new technology, resulting in the first cloud deployment for core banking services under a pilot implementation.