Hyderabad, May 18 The Institute for Development and Research in Banking Technology (IDRBT), an arm of the RBI, is developing common and interoperable standards for all banks in the country.
“The preparation of the standards is in an advanced stage and a draft will be released in the next three weeks,” Mr B. Sambamurthy, Director, IDRBT, said while speaking before the presentation of IDRBT Banking Technology Awards 2008 here on Monday.
While welcoming the rapid adoption of Core Banking Solutions (CBS) by many banks, he, however, said CBS was not the end of the things and there were limitations.
He advised banks to continuously upgrade technology.
The IDRBT would soon upgrade its academic strengths by expanding its research associations and PhD programmes, he added.
The awards, which were introduced in 2001, were decided by an independent jury with members including Dr K. Ramakrishnan, CEO of the Indian Banks’ Association, among others, he said.
The institute received 106 entries from public and private sectors banks for the awards in five categories.
The winners were Corporation Bank and Punjab National Bank (for best use of technology for financial inclusion), State Bank of India (best use of IT for customer service in semi-urban and rural areas among large banks), Karur Vysya Bank (best use of IT for customer service in semi-urban and rural areas among small banks), ICICI Bank (initiatives in mobile payments and banking), HDFC Bank and Kotak Mahindra Bank (IT governance and value delivery).
The RBI Governor, Dr D. Subbarao, presented the awards to representatives of the banks.