The Institute introduced the Annual Banking Technology Awards to instill a competitive spirit in technology adoption and innovation among the member banks (Public Sector Banks, State Bank of India and Associates).

For the Banking Technology Awards 2003, the Banks were evaluated on a range of parameters. A detailed format covering the various facets of technology implementation in Banks such as Computerisation, Networking Infrastructure, Technology Applications, INFINET Applications, Information Security Audit, Training on various IT aspects, In-House Software Development etc., was designed. Banks also submitted two proposals of Best Branches for consideration based on their internal judgement.

The Screening Committee for this year's Awards consisted of the following members:

• Shri. K. K. Jaswal, Secretary, Department of Information Technology, Ministry of Communications & Information Technology (MCIT), Government of India
• Dr. R. B. Barman, Executive Director, Reserve Bank of India
• Dr. Subir Chowdhury, Chairman, Webel Informatics Limited, and Former Director, Indian Institute of Management, Calcutta
• Dr. S. Ramani, Former Director, National Institute of Industrial Engineering
• Dr. V. P. Gulati, Director, IDRBT

The parameters the Banks were evaluated on for various awards include:

• Core Banking Initiatives, Customer Service related parameters such as Extended Timings, Single Window Facilities and other amenities, Branch Profit, Productivity, Business Growth Innovative Technology enabled Services, Security, and Reduction in Staff etc., for the "Techno-Savvy and Customer Friendly Services Award"
• Deployment and Growth in terms of Penetration, Volume of Transactions and Card/Customer base of various Delivery Channels such as ATMs, Internet Banking, Telebanking, Mobile Banking etc., for "Delivery Channels Award"
• Extent of Branch Computerisation, Business Covered, Application Packages Implemented etc., for the "Business Computerisation Award"
• Implementation of Application Packages, Security Policy, IS Audit, DRS/BCP Initiatives, IT Education etc., for the "Back Office Applications Award"

The committee recommended three Branch Awards for three best branches. The committee also made a few recommendations for the 2004 Awards, which includes separate Awards for the rural and semi-urban banking category to encourage the absorption of technology in rural and semi-urban areas.