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IT in Banking 2003 (Special)
  Perspectives of: CTOs of Banks in India
Approach of RBI towards IT in Banking...

Mr Neeraj B Bhai, Chief Technology Officer, IDBI Bank feels that as such there is no major shift on IT front in this year's RBI policy. What we see today is the culmination of the initiatives that were started a few years back. These were in the areas of moving towards automating interbank payment and settlement systems. Mr C.N. Ram, Chief Technology Officer, HDFC Bank, agrees that RBI is continuing with the policy initiatives in a systematic manner.

Mr Pravir Vohra, Chief Technology Officer, ICICI Bank is also of view that RBI has continued it's efforts for developing a modern and efficient, integrated payment and settlement system for the banking sector. Initiative taken by the RBI for setting up RTGS will have far reaching impact.

According to Mr V Chandrasekhar, General Manager & Chief Technology Officer, Bank of Baroda, Technology initiatives started of with introduction of PDO-NDS during early 2002. This was followed by introduction of CFMS Phase I. Roll out of RTGS is expected before the year-end. The chain of incidents indicates that the technology focus of RBI is to bring in technology to minimize systemic risk. He points out that Bank of Baroda was the first bank to put in place a world class an Integrated State of the Art Treasury System covering front, middle and back office environment.



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