When the waves of liberalization, privatization and globalization reached the Indian shores, the economy opened up and its segments started to boost up. Capital markets, banking sector and Insurance sector triggered its path in a smart way. Innovation through Information Technology(IT) has made inroads everywhere and baking and financial sector is no exception to it Foreign direct investment entered into Indian markets in very huge bulks. There was a paradigm shift in the nature of functioning of these segments as the entry of private banks which are aggressive in their operational dynamism. Whether it is private or public sector , everywhere innovation is the buzzword and technological breakthrough is witnessing new avenues of success.