Banking Technology Excellence Awards 2005 - 2006

Dr. Y. V. Reddy, Hon'ble Governor, Reserve Bank of India, joined the Banking and Financial Community in celebrating a decade of IDRBT's yeomen service as a catalyst in deploying Information Technology in the Banking and Financial Sector on September 02, 2006.

Speaking on the occasion, Dr. Reddy highlighted the need for concerted efforts to enhance the use of technology in the financial sector to ensure efficiency, stability, competition and service to the common person. He emphasized some of the critical factors that have to be adequately addressed while dealing with IT. "Prime among them is the need to ensure appropriate security and integrity. Security in IT systems is only as effective as the weakest link. Another major requirement relates to Disaster Recovery Management and the fail-safe Business Continuity Plans. All the banks need to put in place appropriate plans and test them at regular, frequent intervals".

The Hon'ble Governor also stressed on the need for financial inclusion which involves the provision of banking services to the vast multitude of population which has so far been excluded from them. He pointed out that some of the challenges, which need to be effectively addressed, include lack of adequate infrastructure in rural areas, relatively low volumes of transactions, comparatively higher transaction costs, and other factors such as the literacy levels of target customers and said that Technology offers an excellent tool to effectively address the above challenges.

Banking Technology Excellence Awards 2005-06

Award Category Winner Received by
Use of IT for Customer Service in Semi-Urban and Rural Areas
Best Bank Award Andhra Bank Shri K. Ramakrishna, CMD
Special Award Syndicate Bank Shri C. P. Swarnkar, CMD
Information Security Policies and Practices
Best Bank Award Bank of India Shri M. Balachandran, CMD
Special Award South Indian Bank Ltd Dr. V. A. Joseph, Chairman
Internet Banking for Corporate Customers
Best Bank Award State Bank of India Shri Ashwini Kumar Sharma, DMD
Special Award Industrial Development Bank of India Ltd Shri V. P. Shetty, Chairman
Delivery Channels
Best Bank Award HDFC Bank Ltd. Shri Surinder Chawla, Vice President
Special Award ICICI Bank Ltd. Smt. Chanda Kochhar, ED
IT Team of the Year
Best Bank Award Punjab National Bank Shri K. Raghuraman, ED
Special Award Industrial Development Bank of India Ltd Shri V. P. Shetty, Chairman

The proceedings of the day also included a panel discussion on Financial Inclusion. Shri V.K. Sharma, Executive Director, RBI; Shri V. P. Shetty, Chairman, IBA & CMD, IDBI; Prof. Ashok Jhunjhunwala, IIT, Madras: and Dr. K. C. Chakrabarty, CMD, Indian Bank, presented their views on achieving Financial Inclusion in the country.

Earlier, Shri Arvind Sharma, in his welcome address charted out achievements of the Institute and also spelt out his plans for the road ahead. The top-managements of most of the Banks and FIs were present on this very special occasion.