Eleventh IDRBT Banking Technology Excellence Awards 2014-15

The Eleventh Edition of the IDRBT Banking Technology Excellence Awards was held today, the 23rd of October, 2015.

Dr. Raghuram G. Rajan, Governor, Reserve Bank of India, and Visitor, IDRBT was the Chief Guest on this special occasion. He was joined by Shri H.R. Khan, Deputy Governor, Reserve Bank of India, and Chairman, IDRBT.

Dr. A.S. Ramasastri, Director, IDRBT, started off the proceedings by extending a warm welcome to all the distinguished dignitaries. Speaking on the occasion, he focused attention on:

  • The research work being carried out in the Institute particularly in the areas of Next Generation Smart Data Centers and Mobile Banking
  • How the research centres in the areas of Analytics, Cyber Security and Mobile Banking are providing a new thrust to the Institute's research activities
  • How various initiatives of the Institute such as CISO Forum, IB-CART, CIO Forum, Frameworks, etc., have enabled working closely with the banks to spearhead Banking Technology
  • New initiatives such as providing Core Banking Solution over cloud to Urban Cooperative Banks, IDRBT Banking App Contest, Theme Based IDRBT Staff Papers Series, Setting Up of Bank Tech. Museum (Digital), and Post Graduate Diploma on Banking Technology, which would provide a big boost to Banking Technology in the country.

Shri H. R. Khan, Deputy Governor, RBI and Chairman, IDRBT, presented the Opening Remarks on the occasion. The key points of his speech are as follows:

  • The IDRBT has been making pioneering efforts in many areas pertaining to IT implementation, payment systems and executive IT-based training
  • While acknowledging the efforts put in by IDRBT and banks in the large scale use of IT for their day-to-day operational requirements, the following areas need to be addressed
  • The first of these relates to the IT-based requirements of financial entities such as the Regional Rural Banks and MFIs. It is commonly accepted that these banks have a crying need for IT to help them improve their operational efficiency
  • IT has indeed brought about excellence, but if this has to be sustained and improved, I would urge upon the need to watch out for the following 5 other Es:
    • Encapsulation: Today banks have a huge volume of data which is difficult to analyse and process. It is now time to encapsulate data into useable buckets so that there is optimal value-addition from the large data sets available with banks
    • Encryption: Data is a precious commodity which has to be stored with utmost care and which should not be available to the unintended. To address this and to conform to the legal requirements of the Information Technology Act, it is necessary to encrypt data to the extent necessary. I urge banks to ascribe due importance to this requirement
    • Enforcement: Most IT systems in banks have been implemented well but their systems of controls do not speak of high levels of conformity. This particularly applicable to security (especially e-security) and there is a general laxity observed in respect of enforcing good and optimal control measures such as digital signatures, maker-checkers, database governance issues and the like. Banks need to ensure that enforcement of all appropriate control measures are always existent
    • Evaluation: IT systems are all effective only when there are monitored well and they operate within the parameters for which they were designed. These systems must be subject to continuous evaluation and when they achieve or surpass tolerance levels (such as usage levels of more than say, 80%, growing databases, unintended attacks on networks etc.), prompt and suitable corrective action is taken
    • Environment: As all of you are aware, the IT industry is characterized by quick obsolescence levels and change is almost a constant feature. Against this backdrop, the IT environment as well as the business environment gain significance for continuous monitoring and rectification as may be required.

Dr. Raghuram G. Rajan, Governor, Reserve Bank of India, and Visitor, IDRBT, delivered the Governor's Address and presented the IDRBT Banking Technology Awards to the Winners. The key points made by him are as follows:

  • The onus of IT revolution is on India. Banks have to mine data better, to serve the customers better
  • IT and Internet are changing the market place, including delivery to rural and semi-rural areas. This need not dishearten the local retail merchants, as they can ride these platforms and benefit
  • These platforms are bringing about a logistics revolution in the country; they create a lot of demand for rail, air and road logistics
  • The local kirana stores might become part of this whole logistics chain and perhaps find relevance in supplying products with less shelf-life
  • How to serve customers better when traditional products are going away is the area we should focus on
  • For small bank transactions, if banks or credit card providers are willing to take the risk, there is a possibility of allowing small-value payments based on direct usage of cards without a second level of protection
  • Can we exploit technology to de-risk large housing loans? Banks are not yet fully integrated in terms of IT usage such that they can spin out, for example, the details of loans on a daily basis. It still takes time to put the stage together. For risk-less banking, a comprehensive view of daily data is required
  • Cyber Security initiatives need to study security threats in banks
  • Banking on Information Technology is essential for success of financial inclusion. This inclusion enables convenient financial services at door step, where risk is minimised and services offered at low cost
  • IT has to be the answer for inclusion. It is only by reducing the cost of transaction that we can reach everyone, including those with low-value payment needs
  • Lot of opportunities and challenges in the Information Technology and we are looking forward to IDRBT resolving these challenges.

The new initiatives from the Institute which were inaugurated on this special occasion are as under:

Inauguration of the Centre for Open Source Systems (COSS)

The open source market, over the past few years has become more mature, stable and secure. Open Source Systems (OSS) can save development time and resources, obviating the need to reinvent the wheel.

Some of the banks in India are exploring the opportunities of using OSS in their business. Banks could adopt OSS in the areas of Mobile Banking, Business Intelligence /Analytics, Financial Portals (internets and intranets), Contracts/Document/Record Management, Procurement and Invoice Management (including ERP).

Further, Open Source Software can be used in banks at the following levels: - Operating System, Database, and Various Applications.

To help the banks understand the Open Source Software proposition and encourage them to explore OSS, the Institute is setting up the Centre for Open Source Systems (COSS). The COSS will serve as a test bed on which banks can test their applications in open source environment and would also provide training in OSS. The objectives of the Centre for Open Source Systems are:

  • Developing architectural and design practices for open source based banking systems
  • Enabling Indian banks to try out OSS and engage with OSS to see its benefits through a state-of-the art test bed
  • Providing assistance with selection of OSS for specific applications
  • Maintaining a repository of vendors who support OSS and help banks negotiate deals with them
  • Fostering an ecosystem of OSS vendors/developers who are competent in banking technology.

Dr. Raghuram G. Rajan, Governor, Reserve Bank of India and Visitor, IDRBT, inaugurated the Centre for Open Source Systems at IDRBT today.

Inauguration of the Indian Banks' CIO Forum

The Chief Information Officers and IT Heads of Banks are the key drivers of technology in banks. In order to a provide a thrust to new and innovative technologies in the Indian Banking and Financial Sector, the Institute organizes a meet of the Chief Information Officers and IT Heads of Banks every year. In a recent meeting, the Director, IDRBT proposed the idea of forming a CIO Forum, which elicited an overwhelming support from the delegates. Thereafter, the Institute convened a meeting of the Core Group consisting of CIOs from banks and this Core Group has worked out the structure of The Indian Banks' CIO Forum. The CIOs/IT Heads of all Banks shall be the members of the CIO Forum. To begin with, The Indian Banks' CIO Forum shall have six sub-groups to address specific issues and challenges in the areas of Procurement and Vendor Management, Product-based CBS User Groups, Analytics, Regulatory Compliance, Risk Management, Bank on the Move which focuses on Banking, Payments and Mobility. The Indian Banks' CIO Forum is expected to be a key accelerator for promoting Banking Technology in India. Dr. Raghuram G. Rajan, Governor, Reserve Bank of India & Visitor, IDRBT, inaugurated The Indian Banks' CIO Forum today.

Release of IT Vendor Management: Principles and Practices

As banks started adopting information technology on a large scale during the past two decades, they also started depending on IT companies for implementation of technology solutions.

Vendor management, though inevitable, is saddled with several challenges. There are challenges in identifying the right vendor and the right solution in ensuring that the vendor maintains timelines and quality and that the solution meets the bank's expected requirements. There are also challenges in continued support from vendors over a long period.

But these challenges are not insurmountable. With a view to enable banks to overcome these challenges, the Institute has documented the Principles and Practices of IT Vendor Management, which is expected to serve as a handbook on IT Vendor Management for IT teams across banks.

Shri H. R. Khan, Deputy Governor, Reserve Bank of India and Chairman, IDRBT released the handbook on IT Vendor Management – Principles and Practices, today.

Exchange of MoU between IDRBT & NPCI

In order to facilitate research collaboration in the areas of Mobile Payments and Analytics, the IDRBT and the National Payments Corporation of India (NPCI) have signed a Memorandum of Understanding between the two organizations.

Shri A. P. Hota, Managing Director & CEO, NPCI, exchanged the MoU with Dr. A. S. Ramasastri, Director, IDRBT in the presence of the Hon'ble Governor and Shri H. R. Khan, Chairman, IDRBT, today.

Release of Book on "Banking Technology in India: Present Status & Future Trends"

During the IDRBT Banking Technology Awards every year, the Institute releases a book on Technology in Banking. The information contained in this booklet is based on the data submitted by the banks, when they applied for the awards from the Institute.

This year, the Institute enhanced the scope of this book substantially so that it reflects the collective wisdom of the banking sector on various technology issues and how the sector needs to move ahead in harnessing these technologies for its own benefit.

This book consists of invited articles from experts in the fields of banking on some of the important topics of relevance and importance to all banks. The experts were requested to give their perspective on the present status and the future trends on the selected area. The book includes contributions from the Indian Banks' Association, Indian Institute of Banking and Finance, three public sector banks and two private sector banks on the following areas:

  • Governance, Risk and Compliance by Shri M. V. Tanksale, Chief Executive, Indian Banks' Association
  • Improving Customer Service in the Digital Era by Dr. J. N. Misra, Chief Executive Officer, Indian Institute of Banking and Finance
  • Disruptive Banking: How Analytics is Causing the Next Technological Shift in the Banking Sector by Shri Mrutyunjay Mahapatra, Deputy Managing Director & Chief Information Officer, State Bank of India
  • The Cloud Computing Paradigm by Mr. Amit Sethi, President (IT) & Chief Information Officer, Axis Bank Ltd.
  • Cyber Security by Shri Rakesh Kumar, Chief Information Officer, Punjab National Bank
  • New Age Banking – Frauds & Prevention Strategies by Shri Munish Mittal, Chief Information Officer, HDFC Bank Ltd.
  • Mobile Banking – The Payment Revolution: Trends, Challenges and Success Factors by Shri S. S. Ghag, Chief Information Officer, Bank of Baroda.

It is expected that this publication would serve as a reference book on Banking Technology.

Dr. Raghuram G. Rajan, Governor, Reserve Bank of India, and Visitor, IDRBT, released this book on "Technology in Banking: Present Status & Future Trends" at IDRBT today.

IDRBT Banking Technology Excellence Awards for the Year 2014-15

The IDRBT Banking Technology Excellence Awards are synonymous with excellence in technology adoption, upgradation, absorption and innovation. In its eleventh edition this year, the IDRBT Banking Technology Excellence Awards are the benchmark for recognizing banks which innovate and explore technology to improve cost, reach, customer service and efficiency.

These awards aim at inspiring implementation of innovative technologies in the Indian Banking and Financial Sector and leveraging technology to reach out to the masses. Pioneering and out-of-the-box approaches in the usage of technology for improving productivity and profitability are recognized through these awards.

As technology evolves and changes, the categories of awards also undergo changes. Over the past ten editions, several categories have been dropped and new categories introduced. This year, the Institute has expanded the scope of the Awards and introduced a new award category to recognize and encourage the work done by the regional rural banks.

The Jury for the Eleventh Edition of the IDRBT Banking Technology Excellence Awards is as under:

  • Shri K. V. Kamath, Chairman, ICICI Bank, (Chairman of the Jury)
  • Prof. G. Sivakumar, Indian Institute of Technology, Bombay
  • Prof. B.H. Jajoo, Indian Institute of Management, Ahmedabad
  • Shri M.V. Tanksale, Chief Executive, Indian Banks' Association
  • Dr. Santanu Paul, Chief Executive Officer & Managing Director, TalentSprint
  • Shri Rajesh Doshi, Senior Executive Director, National Securities Depository Limited.

This year, the IDRBT Banking Technology Excellence Awards, were presented in the following nine categories:

  • Use of Technology for Financial Inclusion
  • Digital Banking, Analytics and Big Data
  • Electronic Payment Systems
  • Use of Technology for Fraud Prevention and NPA Management
  • Managing IT Infrastructure
  • Cyber Security Risk Management
  • Evangelising Technology Adoption
  • Best IT-Enabled Co-operative Bank
  • Best IT-Enabled Regional Rural Bank.

Since the participating banks vary in terms of size and scale of business and operations, the banks were classified into three categories – large, mid-sized and small, on the basis of the business they have done to make comparisons and recognition more meaningful and pragmatic.

Dr. Raghuram G. Rajan, Governor, Reserve Bank of India, and Visitor, IDRBT presented the IDRBT Banking Technology Excellence Awards at a very special function today to all the winners.

The Winners

And the winners for the IDRBT Banking Technology Excellence Awards 2014 – 15 are:

Award Category Winner Award Received by Photos
Best Bank Award for Use of Technology for Financial Inclusion Among Large Banks Bank of India Shri B. P. Sharma, Executive Director
Best Bank Award for Use of Technology for Financial Inclusion Among Mid-Size Banks Andhra Bank. Shri S. K. Kalra, Managing Director & CEO
Best Bank Award for Use of Technology for Financial Inclusion Among Small Banks RBL Bank Ltd. (Ratnakar Bank) Shri Viswaveer Ahuja, Managing Director & CEO
Best Bank Award for Digital Banking, Analytics and Big Data Among Large Banks Axis Bank Ltd. Shri Amit Sethi, President & CIO
Best Bank Award for Digital Banking, Analytics and Big Data Among Mid-Size Banks The Federal Bank Ltd. Shri Ganesh Sankaran, Executive Director
Best Bank Award for Electronic Payment Systems among Large Banks State Bank of India Shri Mrutyunjay Mahapatra, Deputy Managing Director & CIO
Best Bank Award for Electronic Payment Systems among Mid-Size Banks IndusInd Bank Ltd. Shri Madhavan Kandadai, Chief Technology Officer (IT Team)
Best Bank Award for Electronic Payment Systems among Small Banks The Karur Vysya Bank Ltd. Shri K. Venkataraman, Managing Director & CEO
Best Bank Award for Use of Technology for Fraud Prevention and NPA Management among Large Banks ICICI Bank Ltd. Dr. Sanjay Chougule, Sr. General Manager & Global Head & Shri G. Srinivas, Sr. General Manager
Best Bank Award for Use of Technology for Fraud Prevention and NPA Management among Mid-Size Banks Bank of Maharashtra Shri R. Athmaram, Executive Director
Best Bank Award for Managing IT Infrastructure among Large Banks State Bank of India Shri Mrutyunjay Mahapatra, Deputy Managing Director & CIO
Best Bank Award for Managing IT Infrastructure among Mid-Size Banks Bank of Maharashtra Shri R. Athmaram, Executive Director
Best Bank Award for Managing IT Infrastructure among Small Banks The Lakshmi Vilas Bank Ltd. Shri A. J. Vidyasagar, Chief General Manager, COO
Best Bank Award for Cyber Security Risk Management among Large Banks HDFC Bank Ltd. Shri Bhavesh C. Zaveri, Country Head – Operations & Technology
Best Bank Award for Cyber Security Risk Management among Mid-Size Banks Vijaya Bank Shri Kishore Kumar Sansi, Managing Director & CEO
Best Bank Award for Cyber Security Risk Management among Small Banks South Indian Bank Ltd. Shri V. G. Mathew, Managing Director & CEO
Best Bank Award for Evangelising Technology Adoption among Large Banks ICICI Bank Ltd. Shri Murali Mahalingam, General Manager, Technology Group
Best Bank Award for Evangelising Technology Adoption among Small Banks Karnataka Bank Ltd. Shri P. Jayaram Bhat, Managing Director & CEO
Best Bank Award for Best IT-Enabled Co-operative Bank Abhyudaya Co-operative Bank Ltd. Shri P. K. Mohapatro, General Manager, IT
Best Bank Award for Best IT-Enabled Regional Rural Bank Kerala Gramin Bank Shri K. V. Shaji, Chairman

The top management of the Indian Banking and Financial Sector including Executive Directors of Reserve Bank of India; Managing Director & CEOs, CIOs and IT Chiefs of public and private sector banks participated in this special function.