12th IDRBT Banking Technology Excellence Awards 2015-16

The Twelfth Edition of the IDRBT Banking Technology Excellence Awards was held today, the 18th of July, 2016.

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 R. Gandhi, 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 following key achievements of the Institute during the last one year:

  • Signed MoUs with National Institute of Technology (NIT), Warangal and National Institute of Technology (NIT), Trichy, for full-time Ph.D programmes focusing on Banking Technology
  • Regularly organizing reputed research conferences with the Fifth International Conference on Fuzzy and Neural Computing (FANCCO), organized in December 2015 and the International Conference on Distributed Computing and Networking (ICDCN), being organized in January 2017
  • Launched the full-time one year Post Graduate Diploma in Banking Technology (PGDBT), with the first batch commencing from July 04, 2016
  • Set-up two new Research Centers focused on the following areas: 1.) Virtualisation and Cloud Computing; and 2) Payment Systems
  • Launched the IDRBT Staff Paper Series on issues of relevance to the Indian Banking and Financial Sector. While the inaugural issue, published in September 2015, focused attention on Mobile Banking, the second issue published in June 2016 was on Payment Systems
  • Organized the IDRBT Banking Application Contest on April 11, 2016 and the RBI- sponsored Payment System Innovation Contest on June 24, 2016
  • Inaugurated the IDRBT BankTech Museum on April 24, 2016.

Shri R. Gandhi, Deputy Governor, RBI and Chairman, IDRBT, presented the Opening Remarks on the occasion and the keypoints of his address are as given below:

  • Banking and finance lend themselves eminently suitable for continuous application of technology; every new development in technology has been gleefully opted for/by banking and finance.
  • Reserve Bank has now constituted a Working Group on Financial Technology, to fully understand the new paradigm of FinTech and to chart out the best way of using it
  • Technology has thrown several gauntlets simultaneously on to the banking and financial sectors in recent times. The five areas highlighted are:
    • Cyber Security: IT systems of banks are the prime target for cyber crimes. To provide safe and secure banking, providing safe IT systems is an undeniable requirement. The role of the Chief Information Security Officer assumes importance, especially in keeping continued vigilance and warranting concerted proactive protective actions
    • New Technologies: Cloud based computing, blockchain processing technologies and virtualization of IT systems are a few examples which hold potential for being used in a big way
    • FinTech Companies: The techies have now grown as FinTech companies and are emerging as the direct competitors. Technology has today dissected the entire value chain of banking and finance and bundled out the chunks in innovative ways i.e., they who intermediate between savers and investors, or between sender and receiver of funds. Therefore, banks have to find ways to co-operate, co-opt and compete with the FinTech companies
    • Payment Revolution: India can now boast of having the world's best and state-of-the-art payment and settlement systems and it is handling ever increasing volumes. New initiatives in payment systems aims at providing better customer comfort and ensure that the systems are safe, thus, resulting in the overall efficiencies including reduced costs to the common man
    • Varied Choices of Technology for Financial Inclusion: Financial Inclusion is an achievable reality, and the role of IT is very significant and fundamental. Integrating account opening and KYC related requirements with other systems such as Aadhaar, allow use of funds without actual movement of cash, and ensure that the common persons have access to banking and financial services at their doorsteps.

Release of Cyber Security Checklist

Cyber Security is a major concern across the Indian Banking and Financial Sector. The Chief Information Security Officers and Chief Information Officers of Banks during their regular forum meetings at IDRBT have been sharing the changing challenges being faced by the banks in tackling Cyber Crimes.

In the Gyan Sangam, an annual retreat of Heads of Public Sector Banks along with the top officials of the Government of India and the Reserve Bank of India, held on March 4-5, 2016, the sub-group on Technology identified Cyber Security as critical for the Indian Banking and Financial Sector and expressed the need for a Cyber Security Checklist.

Accordingly, IDRBT formed an Expert Group with members from banks, industry and academia to prepare the Cyber Security Checklist. This checklist is expected to help banks in identifying the gaps, if any, in their Cyber Security systems and address them, and also help the board level sub-committees on Risk Management and Information Security in monitoring the cyber defence preparedness of the banks.

Shri R. Gandhi, Deputy Governor, RBI and Chairman, IDRBT, released the Cyber Security Checklist.

Please click here to download the Cyber Security Checklist book.

Dr. Raghuram G. Rajan, Governor, Reserve Bank of India, and Visitor, IDRBT, delivered the Keynote Address on occasion and the highlights of his address are as under:

  • Payment systems are the plumbing of the financial system. The Reserve Bank, as the regulator of payment and settlement systems aims to ensure easy accessibility and interoperability of the payment infrastructure, while ensuring safety and security of transactions
  • Non-bank entities are providing innovative payment products and services, forcing banks to reflect upon their strategy – to compete or to collaborate
  • Some Desirable Features of Payment Systems:
    • Our regulations governing payment systems have to be ownership, institution, and technology-neutral to encourage the most efficient outcomes. First, being more open to experimentation at the early stages of a product or method of service will be cleared in the peer-to-peer lending regulations and the need to be more conscious of the risks to stability as innovations catch on and expand. This phased approach is now being called the sand-box approach elsewhere.
    • Second – preference would be given to payment platforms that offer broad based access, rather than that limit access.
    • Third – payment mechanisms should be cheap and scalable, so that they are suited to our economy where ticket sizes are small but transaction volumes huge.
    • Fourth – need for systems that offer security even to the unsophisticated user, which requires greater emphasis on transaction monitoring and identification of suspicious patterns by the system operator
    • And fifth – need for an effective process of consumer redressal that allows speedy and fair resolution of customer complaints.
  • Some Recent Developments:
    • Remittance facilities through NEFT, RTGS, IMPS, IMT, etc can be accessed through multiple channels including net banking, mobile banking, ATMs and BCs
    • Leveraging on the high mobile density in the country, mobile banking services are being encouraged through interoperable USSD channels like 899# and the UPI.
    • To build confidence and trust in electronic payments some of the measures include: mandatory online alerts for card transactions, mandatory PIN entry for every transaction at ATM, etc.
    • Bharat Bill Payments System (BBPS) has been put in place to address the needs of the large bill payments market, to provide the convenience of anytime, anywhere, any bill payment facility to the users
    • The Trade Receivables Discounting System (TReDS) ought to be a game-changer for meeting the financing needs of the MSME segment.
  • Roles and Responsibilities of Banks – Challenges
    • Does the bank's vision and strategy take into account payment services aspects? Are there adequate human resources to project requirements and implement them?
    • Adopting technology is more than automation calling for efforts at re-engineering business processes. There has to be a conscious evaluation of process dependencies taking into account customer experience, security issues, etc., besides having a long term view of the developments of interoperability within and across systems
    • Despite the huge potential, activation rates and usage levels of various electronic payment services remain at low levels, though growth is picking up
    • Creating appropriate customer awareness would not only enable the customers to choose their mix of payments taking into account time criticality, security and risk and the cost involved, but also enable the banks to optimize their payment product mix depending upon their customer profiles
    • Banks have a high level of responsibility when adopting g digital channels – not only to ensure security at the infrastructure level, and to protect data security and personal privacy at system level, but to create customer awareness in security matters
    • A related matter is the issue concerning customer liability and risk management for electronic payment transactions.

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

For over a decade, the Institute has been evaluating and presenting the IDRBT Banking Technology Excellence Awards. In the process, we have been closely watching the developments in the adoption of technology by banks and attempting to share insights with all by bringing out a book every year.

We enhanced the book last year by publishing invited articles from banking professionals, in addition to the status of technology adoption based on the information furnished by the banks as part of the Awards process. While continuing the invited articles and the status of the technology adoption, this year we have included a section by the Knowledge Partner for this year's Banking Technology Awards, Deloitte, on what they see as future trends in Banking Technology.

The book, containing contributions from the top management of Indian Banks Association, India Institute of Banking and Finance, IT Heads of seven Public and Private Sector Banks, a foreign bank, and the Knowledge Partner, Deloitte, is evolving into a useful document detailing the present status and dwelling on future trends in Banking Technology in India, with glimpses of global scenario. The book contains the following contributions:

  • Financial Inclusion – The Way Forward by Shri M. V. Tanksale, Chief Executive, Indian Banks' Association
  • Unified Payment Interface (UPI) – A Technology Based Product for Future by Dr. J. N. Misra, Chief Executive Officer, Indian Institute of Banking and Finance
  • Digital Banks: Are We There Yet? by Shri Mrutyunjay Mahapatra, Deputy Managing Director & Chief Information Officer, State Bank of India
  • Disruptive Innovations in Banking by Shri Munish Mittal, Chief Information Officer, HDFC Bank Ltd.
  • Role of Technology in Fraud Prevention by Shri S. Kumar, General Manager (IT), Corporation Bank
  • Social Media Banking – Evangelizing Social Media for Banking Advantage by Shri Abhijith Singh, Head, Business Technology Group, ICICI Bank Ltd.
  • Robotic Automation Process for Banking Sector in India by Shri Rakesh Kumar, Chief Information Officer, Punjab National Bank
  • Analytics in Banking – Technology Perspective by Shri Amit Sethi, President (IT) & Chief Information Officer, Axis Bank Ltd.
  • Banking Technology – Global Trends by Shri N. K. Subbu, Head (Technology), South Asia, Citi Bank Ltd.
  • Cyber Security – Future Challenges and Opportunities by Smt. Nirmala Sridhar, General Manager, Vijaya Bank.
  • IDRBT Banking Technology Excellence Awards 2015 – 2016: Who won and Why?
  • Future Trends Driving Innovation: New Technologies that can Transform the Banking Sector – Rajarshi Sengupta and Monish Shah, Deloitte

Dr. Raghuram G. Rajan, Governor, Reserve Bank of India, and Visitor, IDRBT, released the Book on "Banking Technology in India: Present Status & Future Trends". He then presented the IDRBT Banking Technology Awards to the Winners.

Please click here to download the book on Banking Technology in India: Present Status & Future Trends.

IDRBT Banking Technology Excellence Awards for the Year 2015-16

The IDRBT Banking Technology Excellence Awards is synonymous with excellence in technology adoption, upgradation, absorption and innovation. In its twelfth 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. 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 eleven editions, several categories have been dropped and new categories introduced. This year, the Institute has redefined quite a few categories so as to reflect the technological changes in the Indian Banking and Financial Sector.

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

  • Smt Usha Thorat,Former Deputy Governor, Reserve Bank of India (Chairperson)
  • Shri M.V. Tanksale, Chief Executive, Indian Banks' Association
  • Prof. B.H. Jajoo, Indian Institute of Management, Ahmedabad
  • Prof. G. Sivakumar, Indian Institute of Technology, Bombay
  • Dr. Santanu Paul, Chief Executive Officer & Managing Director, TalentSprint, Hyderabad
  • Shri Rajesh Doshi, Former Senior Executive Director, National Securities Depository Limited.

This year, the IDRBT Banking Technology Excellence Awards, were presented in eight categories to the Commercial Banks and one category each to Co-operative Banks and Regional Rural Banks.

Since the participating banks vary in terms of size and scale of business and operations, the banks have been classified into three categories – large, mid-size 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 for the year 2015 – 16, at a very special function today to all the winners. And the winners of the Twelfth IDRBT Banking Technology Excellence Awards are:

Award Category Winner Award Received by Photos
Best Bank Award for Use of Technology for Financial Inclusion Among Large Banks Union Bank of India Shri Arun Tiwari, Chairman & Managing Director
Best Bank Award for Use of Technology for Financial Inclusion Among Mid-Size Banks Bank of Maharashtra Shri Sushil Muhnot, Chairman & Managing Director
Special Mention for Use of Technology for Financial Inclusion Among Small Banks Karnataka Bank Ltd. Shri P. Jayarama Bhat, Managing Director & CEO
Best Bank Award for Analytics and Big Data Among Large Banks ICICI Bank Ltd. Shri. G. Srinivas, Senior General Manager, Risk Management Group and Shri Vyom Upadhyay, Joint General Manager, BIU and Analytics.
Best Bank Award for Digital Banking, Among Large Banks State Bank of India Shri D. A. Tambe, Chief General Manager (IT-Operations)
Best Bank Award for Digital Banking among Mid-Size Banks Andhra Bank Shri Suresh N. Patel, Managing Director & CEO
Best Bank Award for Digital Banking among Small Banks The Karur Vysya Bank Ltd. Shri G. Venkataraman, Managing Director & CEO
Best Bank Award for Electronic Payments among Large Banks Bank of India Shri Ravindra Marathe, Executive Director
Best Bank Award for Electronic Payments among Mid-Size Banks Vijaya Bank Shri. Kishore Kumar Sansi, Managing Director and CEO
Best Bank Award for Electronic Payments among Small Banks South Indian Bank Ltd. Shri V. G. Mathew, Managing Director & CEO
Best Bank Award for Use of Technology for Fraud Prevention and NPA Management among Large Banks HDFC Bank Ltd. Shri Deepak Mugalikar, Sr. Vice President-IT
Best Bank Award for Managing IT Ecosystem among Large Banks Bank of India Shri Ravindra Marathe, Executive Director
Best Bank Award for Managing IT Ecosystem among Mid-Size Banks Andhra Bank Shri Suresh N. Patel, Managing Director & CEO
Best Bank Award for Managing IT Ecosystem among Small Banks The Karur Vysya Bank Ltd. Shri G. Venkataraman, Managing Director & CEO
Best Bank Award for Cyber Defence among Large Banks ICICI Bank Ltd. Shri G. Srinivas, Senior General Manager, Risk Management Group and Shri Subhash Subramaniam, Joint General Manager, Information Securities Group
Best Bank Award for Cyber Defence among Mid-Size Banks Yes Bank Ltd. Shri R. Ravichander , Group President & Regional Director – MD & CEO Office and Shri P. P. Doraiswamy, President of Technology & Solutions Group (TSG)
Best Bank Award for Cyber Defence among Small Banks RBL Bank Ltd. Shri Sanjay Sharma, Chief Information Officer
Best Bank Award for Innovative Use of Technology among Large Banks State Bank of India Shri D. A. Tambe, Chief General Manager (IT-Operations)
Best Bank Award for Innovative Use of Technology among Mid-Size Banks State Bank of Hyderabad Shri Santanu Mukherjee, Managing Director
Best Bank Award for Innovative Use of Technology among Small Banks IndusInd Bank Ltd. Shri Mridul Sharma, Head, Technology
Best Bank Award for Best IT-Enabled Regional Rural Bank Andhra Pradesh Grameena Vikas Bank Shri V. Narasi Reddy, Chairman, Andhra Pradesh Grameena Vikas Bank
Special Mention for IT-Enabled Co-operative Bank The Karad Urban Co-operative Bank Ltd. Shri Sameer S. Joshi, Vice Chairman

Dr. Y. V. Reddy, Former Governor, Reserve Bank of India, the top management of the Reserve Bank of India and the Managing Director & CEOs, CIOs and IT Chiefs of Public, Private and Foreign Banks participated in this special function at IDRBT, Hyderabad.