Celebrating a Decade of IDRBT, Banking Technology Awards 2005-06 &
National Conference on Financial Inclusion

Dr. Y. V. Reddy, Hon’ble Governor, Reserve Bank of India, joined the Banking and Financial Community in celebrating a decade of IDRBT’s yeomen service as a catalyst in deploying Information Technology in the Banking and Financial Sector on September 02, 2006. 

Speaking on the occasion, Dr. Reddy highlighted the need for concerted efforts to enhance the use of technology in the financial sector to ensure efficiency, stability, competition and service to the common person. He emphasized some of the critical factors that have to be adequately addressed while dealing with IT. “Prime among them is the need to ensure appropriate security and integrity. Security in IT systems is only as effective as the weakest link. Another major requirement relates to Disaster Recovery Management and the fail-safe Business Continuity Plans. All the banks need to put in place appropriate plans and test them at regular, frequent intervals.” 

The Hon’ble Governor also stressed on the need for financial inclusion which involves the provision of banking services to the vast multitude of population which has so far been excluded from them. He pointed out that some of the challenges, which need to be effectively addressed, include lack of adequate infrastructure in rural areas, relatively low volumes of transactions, comparatively higher transaction costs, and other factors such as the literacy levels of target customers and said that Technology offers an excellent tool to effectively address the above challenges. 

IDRBT Banking Technology Awards

Dr. Reddy also gave away the IDRBT Banking Technology Awards 2005-06 on the occasion. These awards are the true indicators of technology implementation and absorption in banks and are meant to recognise the efforts of banks aimed at improving customer service, customer convenience and Bank’s productivity by leveraging technology. 

Both Public and Private Sector Banks submitted the information for each category of award. An eminent jury consisting of Dr. R. B. Barman, Executive Director, RBI; Shri H. N. Sinor, CEO, Indian Banks Association; Shri Ashok Kini, Former MD, State Bank of India; Shri C. B. Bhave, CMD, National Securities Depository Limited; and Shri Arvind Sharma, Director, IDRBT adjudged the banks. The jury took into account the heterogeneities in the industry in terms of size, presence and level of operations while comparing the banks for each category of award. Two awards were given away in five categories, and the winners are: 
 

 
The proceedings of the day also included a panel discussion on Financial Inclusion. Shri V.K. Sharma, Executive Director, RBI; Shri V. P. Shetty, Chairman, IBA & CMD, IDBI; Prof. Ashok Jhunjhunwala, IIT, Madras: and Dr. K. C. Chakrabarty, CMD, Indian Bank, presented their views on achieving Financial Inclusion in the country. 

Earlier, Shri Arvind Sharma, in his welcome address charted out achievements of the Institute and also spelt out his plans for the road ahead. The top-managements of most of the Banks and FIs were present on this very special occasion.

Event in the Media

Event in Pictures