Banks asked to make more use of IT systems: RBI

The high level committee headed by the Deputy Governor of RBI Mr. K C Chakrabarty has prepared a vision document for 2011-17 and has advised banks to introduce more and more technology in the banking systems. Such a practice is most likely to bring down the operation costs and will serve the customer needs to a better extent.

In recent years banks have introduced various modern day facilities in their operation but still they are at the very initial stage. The report states that “Although banks have deployed technology for transaction processing, analytical processing by banks is still at a nascent stage.”

The Committee has specifically emphasized to make three C’s i.e cost, control and customer services more efficient by deploying proper Information Technology Tools in the banking operations.

Mr. Chakrabarty said “Technology should work for the business in its aim to make its products and services relevant and accessible to its customers, instead of a fixed sunk cost that sits heavily on a bank’s P&L account.”