The financial and banking system in India has undergone significant changes during last 15 years. There have been new banks, new instruments, new windows, new opportunities and, along with all this, new challenges. While deregulation has opened up new vistas for banks to augment revenues, it has also entailed greater competition and consequently greater risks. The traditional face of banks as mere financial intermediaries has since altered and has emerged as the defining attribute. Banking sector reforms introduced in the early 1990s as a part of the structural reforms have touched upon almost all aspects of banking operations.