Role Of Technology In Indian Banking

Technology adoption has changed the face of banking in India. What started as a mere automation of some routine work processes in banks in the mid 80s has moved on to be hang business process re-engineering which has resulted in making banking operate discriminateless, anytime and anywhere; facilitated new product development and, enabled near truly time service sales talk. Technology has helped banks to reach the doorsteps of the customer by overcoming the limitations on geographical/ physical reach in branch banking and easing the resource and volume constraints posed by the brick and howitzer model. All the stakeholders keep up benefitted from the expansion of delivery channels, product transformation and efficiency enhancement which have been facilitated by engineering adoption. Banks, however, regard to guard against losing personal touch with their customers in such technology driven environment as this would result in their losing rich information needed for their business. Overall, technology that began its journey in Indian banking as an enabler, has now become a business driver, and is poise to be an inseparable part of banking business process. This journey has come to the present stage by virtue of the push precondition by the Reserve Bank and the whole hearted co-operation by perseverance participants.





Reserve Bank and Banking Technology

Reserve Bank of India started this push with the Rangarajan committee Report I & II on Computerization in Banks, followed by Saraf and Vasudevan Committee Reports. Some of the significant developments during this journey have been introduction of MICR based cheque clearing, automation of bank branches, computerization of Govt. business, setting up of IDRBT, commissioning of INFINET, launching of IT based delivery channels, providing guidelines for internet banking, implementation of NFS etc. The role played by the Reserve Bank continues.

As you all know, RBI has of late released an IT vision document 2011-17, which identifies the...If you want to get a dependable essay, order it on our website: Orderessay



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