First, the establishment of the mechanised cheque processing systems using the Magnetic Ink Character Recognition (MICR) technology in India. These have been acknowledged the world over as systems which have stabilised well with overall reject rates of around 1% while, I understand, that the international rates are around 2%. Those who operate these systems, therefore, deserve to be complimented.
The Research Department is developing the technical support systems that are essential for the implementation of an inflation-targeting framework, namely the development of additional and more sophisticated inflation-forecasting models, the investigation of the transmission mechanism between changes in policy instruments and inflation and the design and implementation of a survey-based assessment of inflation expectations.