In the third phase stretching from 1991, banks started rendering services, other than their basic functions. There were several banking reforms which helped in quick and time saving services, ease of procedures, etc. Introduction of ATM, credit card, phone banking, net banking, core banking, etc. are the results of the development in third phase. The private banks that received license in this phase implemented the new and innovative functions at a quicker pace. These banks are known as new generation banks.