Rangarajan Committee Recommendations
The Reserve Bank of India constituted an External Expert Review Committee (EERC), under the Chairmanship Dr. C. Rangarajan for evaluating the activities of the Institute and redefining its role and suggesting a roadmap for the future.
The other members of the committee were Shri Marc Hollanders, Special Adviser on Financial Stability & Market Infrastructure, Bank for International Settlements; Shri T.V. Mohandas Pai, Head, Human Resources, Infosys Ltd; Prof. H. Krishnamurthy, Principal Research Scientist, Indian Institute of Science; and Shri G. Padmanabhan, Chief General Manager, Department of Payment and Settlement Systems, Reserve Bank of India.
Terms of Reference
The overarching aim of the EERC was to suggest measures for the development of the IDRBT into a vibrant knowledge based Institute. The specific terms of reference were to:
- Review the activities of the Institute since its beginning for the quality, scope and relevance from the point of view of the objectives of its charter and suggest a roadmap for the future to convert the Institute into an Institute of international standing.
- Suggest appropriate measures to attract the best talent for teaching/research in banking technology.
The EERC, which submitted its report in July 2009, has made valuable recommendations and a snapshot of the key recommendations is as under:
- The primary goal of the Institute is research. The focus should be to conduct applied research and experimental development in the area of Banking Technology. The Institute should become a research based institute working at the intersection of banking and technology focused on applied research.
- Focus on four major areas of research, viz., Financial Networks and Applications, Electronic Payments and Settlement Systems, Security Technologies for the Financial Sector, Financial Information Systems and Business Intelligence.
- Focus on the systemic requirements of the banking system which have large scale implications on the effective maintenance and running of the system.
- Conduct collaborative research programmes with reputed national / international universities in the relevant areas.
- Faculty to be encouraged to submit research proposals to funding agencies in India and abroad.
- Revamp education and training activities with the aim to develop technically competent and in-house expertise in banks to efficiently supervise and manage technology-intensive resources like data centres, data recovery centres, corporate network, etc.
- Offer tailor made programmes based on the roles of the banking professionals.
- Ensure the quality of training through standardisation of course contents, peer review of presentations, audit of training sessions, feedback from participants, guest faculty with practical experience, etc.
- To function as a primary institute of excellence in the area of research and development in banking technology, the Institute needs to shed its function of providing various services by promoting a subsidiary.
- Develop a cadre of well regarded faculty, who can focus on the needs of large scale systems, are capable even when benchmarked against global skills and have an inclination for research.
- Two way flow between the institute and industry and academia to be encouraged for sourcing talent on a global basis.
- Become a member of technology standard setting bodies globally in the area of banking.