Setting up appropriate institutions has been another prescient move by RBI. IDRBT, set up in 1996, and focused exclusively on banking technology has led the initial stage of technology adoption in the banking system through the creation of INFINET, National Financial Switch etc.
NPCI, founded in 2008, has been the pioneer in digitisation of retail payments system in India, with its UPI, RuPay cards, AePS, BBPS and many other systems establishing India as the leading country in retail payment innovations. RBI came up with the guidelines on Account Aggregator as early as in 2016.