Which of the following organizations has been set up to facilitate connectivity between the Bank's switches and their ATMs, and inter-bank payment gateway for authentication and routing the payment details of various e-commerce transactions?

a. IBA

b. IDRBT

c. IRDA

d. SIDBI

ANSWER: IDRBT

Explanation:

Institute for Development & Research in Banking Technology is a banking research institute established by Reserve Bank of India in 1996.

It is located in Hyderabad, India.

Formation :

The RBI formed a committee on "Technology Upgradation in the Payment Systems".

The committee recommended a variety of payment applications which can be implemented with appropriate technology upgrades and development of a reliable communication network.

As a result of the committee's recommendations the institute was established.

IDRBT was established with the aim of providing the operational service support in information technology to banks and financial institutions.

IDRBT is also an academic institution that offers a range of academic and research programmes.

IDRBT also offers consultancy in banking technology and financial institutions.