On the occasion of the Foundation Day and Conference of Chiefs of Public Sector Banks at Institute for Development and Research in Banking Technology (IDRBT) on November 02, 2001, awards for Excellence in Banking Technology and Innovation were given away by Shri.Vepa Kamesam, Deputy Governor, Reserve Bank of India. The Best Bank Award for Excellence in Banking Technology was bagged by Corporation Bank and the Special Award for this category went to State Bank of India.
The Best Bank Award for Indian Financial Network (INFINET) Usage and Applications was bagged by Indian Overseas Bank and the Special Award went to Syndicate Bank in this category. The awards, instituted for the first time this year are meant to encourage bankers in their all out efforts in technology implementation, upgradation, absorption and innovation. The awards were finalized by a high-level selection committee headed by Shri. N.Vittal, the Central Vigilance Commissioner.
The annual conference convened by IDRBT provides the forum for the bank chiefs and the Reserve Bank of India to take stock of the issues, challenges and achievements in technology implementation, upgradation and absorption in banks. Speaking on the occasion, Shri Vepa Kamesam said that there is an urgent need to upgrade technology in banks for enabling straight through processing (STP) to provide value added services to the customers at large and single window service.
Dr. V.P. Gulati, Director, IDRBT, exhorted the captains of banking industry to take full advantage of the initiatives taken by IDRBT for technology upgradation through the INFINET, Structured Financial Messaging System (SFMS) and be fully prepared to meet the challenges which are in the offing. Prof. D.B. Phatak delivered an inspiring talk on Managing Change in an ever-changing technology era in a stiff competitive financial market. Dr. R.B. Barman, Executive Director, RBI outlined the various RBI's Initiatives in Technology Upgradation in the Banking Sector. Mr. Ralph Spring from PriceWaterhouse Coopers made a presentation on the issues and challenges before Indian Banks in implementing the Real Time Gross Settlements System (RTGS).