•  The development of the payment system infrastructure was strengthened with the introduction of the Negotiated Dealing System (NDS) in February 2002, formation of the  Clearing Corporation of India Ltd. (CCIL) in 2001, and the implementation of Real Time Gross Settlement (RTGS) system in March 2004 •  Measures have also been taken to make various other money market instruments (such as CDs, CPs, etc.)
In that time, the efforts of Europe’s politicians and central bankers have confounded many sceptics by making the euro an economic and political reality. Clearly, the transition to a single currency did not take place in a vacuum. On the contrary, a number of factors shaped the path towards EMU. Some of these factors had a positive impact.