I was Googling for some information on Financial regulations in India, when I chanced upon a few old news items from the early 2000's [ 1 ][ 2 ]. While reading those new items I realized how the Indian Financial sector has undergone a rapid transformation in the last decade or so. India's financial sector has undergone a very rapid phase of transformation in the last 10-15 years. While scam ridden 90's brought in multiple regulators like SEBI and other related organizations such as NSDL and NSE, the private banks which grew brought in newer leaner ways of banking and infusion of technology - Core Banking Systems and Straight-Through-Processing. However, it was only in the new millenium that these changes as an aggregate started hitting the psyche of the common man and the government / regulators together. This trigerred massive national level initiatives - many of these fueled by the Reserve Bank of India (RBI). Some of these were the introduction of Electronic Clearing (EC