IDRBT organised a two-day seminar on Banking Technology for Directors on Bank Boards from July 21-22, 2017, to help them appreciate the need for taking the digital banking journey forward and at the same time strengthen the preparedness of banks in cyber defence, in view of the growing threats.
The seminar opened with the inaugural interaction with Dr. A. S. Ramasastri, Director, IDRBT. He highlighted the need for bank boards to be proactive in visualising the fast-paced changes taking place in banking technology, to take the full advantage of digital banking. He also exhorted the Directors to play an active role in ensuring strategic alignment of IT and business in banks to pave the way for improving efficiency and effectiveness of banking operations.
This was followed by “Cyber Security Preparedness in Banks” which was the focus of intense interaction between the delegates and Shri R. Ravikumar, Chief General Manager, Department of Banking Supervision, RBI. The need for achieving a baseline cyber security framework and a cyber crisis management plan in banks, as early as possible, as envisaged by the RBI was of paramount importance, he reiterated and requested the boards to actively help and guide the banks in this regard.
The last session for the day was on “Evolving IT Strategies for Banks”, by Shri Ajith Kumar Rath, Executive Director, Andhra Bank. He traced the development of technology in banks and what the banks have learnt through this long journey of evolution of banking technology. He outlined the options before bank boards on strategic planning for IT in the days ahead.
In the session on “Role of IDRBT in Banking Technology Development”, the Director, IDRBT, interacted with the delegates and briefed them on what IDRBT is doing to promote banking technology in India. He also highlighted the useful and proactive role played by the Research Centres in IDRBT focusing on Analytics, Mobile Banking, Cyber Security, Cloud Computing and Affordable Technologies, in helping banks reduce their lead-time in deploying these technologies and solutions.
Later, Dr. N. V. Narendra Kumar, Faculty, IDRBT, made a brief presentation on Blockchain Technology (BCT) to update the audience on the current status and scope for applicability of BCT in banking.
Emerging Trends in Banking Technology was the next topic for interaction. Prof. V. Kamakoti, IIT, Madras, presented a case study on how technology projects are handled usually and took the audience through the nuances of technology absorption and upgradation.
This was followed by an update on the Recent Trends in Payment Systems, by Shri G. Raghuraj, GM, IDRBT and Shri P. Nandakumar, CEO, IFTAS.
In his valedictory address, Shri. S. Ganesh Kumar, Executive Director, RBI, drew the attention of the audience to the various approaches and priorities that manifest themselves in the Board Level Focus on Banking Technology. He also spent more time interacting with the directors on various queries and clarifications that they raised in this regard.
The seminar ended with a vote of thanks by Dr. M.V. Sivakumaran, coordinator of the event.