Abstract :The economic reforms initiated by the Government of India roughly about a decade ago have changed the landscape of several sectors of the Indian economy. The Indian banking sector is no exception for that. This sector is going through major changes as a consequence of economic reforms and the advancement of the technology. The emerging competition has generated new expectations from the existing and the new customers. There is an urgent need to introduce new products. Existing products need to be delivered in an innovative and cost-effective way by taking full advantage of newly emerged technologies.