The Eleventh Edition of the IDRBT Banking Technology Excellence Awards was held on 23rd October, 2015.
Dr. Raghuram G. Rajan, Governor, Reserve Bank of India, and Visitor, IDRBT was the Chief Guest on this special occasion. He was joined by Shri H.R. Khan, Deputy Governor, Reserve Bank of India, and Chairman, IDRBT.
Dr. A.S. Ramasastri, Director, IDRBT, started off the proceedings by extending a warm welcome to all the distinguished dignitaries. Speaking on the occasion, he focused attention on:
Shri H. R. Khan, Deputy Governor, RBI and Chairman, IDRBT, presented the Opening Remarks on the occasion. The key points of his speech are as follows:
Dr. Raghuram G. Rajan, Governor, Reserve Bank of India, and Visitor, IDRBT, delivered the Governor's Address and presented the IDRBT Banking Technology Awards to the Winners. The key points made by him are as follows:
The new initiatives from the Institute which were inaugurated on this special occasion are as under:
The open source market, over the past few years has become more mature, stable and secure. Open Source Systems (OSS) can save development time and resources, obviating the need to reinvent the wheel.
Some of the banks in India are exploring the opportunities of using OSS in their business. Banks could adopt OSS in the areas of Mobile Banking, Business Intelligence /Analytics, Financial Portals (internets and intranets), Contracts/Document/Record Management, Procurement and Invoice Management (including ERP).
Further, Open Source Software can be used in banks at the following levels: - Operating System, Database, and Various Applications.
To help the banks understand the Open Source Software proposition and encourage them to explore OSS, the Institute is setting up the Centre for Open Source Systems (COSS). The COSS will serve as a test bed on which banks can test their applications in open source environment and would also provide training in OSS. The objectives of the Centre for Open Source Systems are:
Dr. Raghuram G. Rajan, Governor, Reserve Bank of India and Visitor, IDRBT, inaugurated the Centre for Open Source Systems at IDRBT.
The Chief Information Officers and IT Heads of Banks are the key drivers of technology in banks. In order to a provide a thrust to new and innovative technologies in the Indian Banking and Financial Sector, the Institute organizes a meet of the Chief Information Officers and IT Heads of Banks every year. In a recent meeting, the Director, IDRBT proposed the idea of forming a CIO Forum, which elicited an overwhelming support from the delegates. Thereafter, the Institute convened a meeting of the Core Group consisting of CIOs from banks and this Core Group has worked out the structure of The Indian Banks' CIO Forum. The CIOs/IT Heads of all Banks shall be the members of the CIO Forum. To begin with, The Indian Banks' CIO Forum shall have six sub-groups to address specific issues and challenges in the areas of Procurement and Vendor Management, Product-based CBS User Groups, Analytics, Regulatory Compliance, Risk Management, Bank on the Move which focuses on Banking, Payments and Mobility. The Indian Banks' CIO Forum is expected to be a key accelerator for promoting Banking Technology in India. Dr. Raghuram G. Rajan, Governor, Reserve Bank of India & Visitor, IDRBT, inaugurated The Indian Banks' CIO Forum today.
As banks started adopting information technology on a large scale during the past two decades, they also started depending on IT companies for implementation of technology solutions.
Vendor management, though inevitable, is saddled with several challenges. There are challenges in identifying the right vendor and the right solution in ensuring that the vendor maintains timelines and quality and that the solution meets the bank's expected requirements. There are also challenges in continued support from vendors over a long period.
But these challenges are not insurmountable. With a view to enable banks to overcome these challenges, the Institute has documented the Principles and Practices of IT Vendor Management, which is expected to serve as a handbook on IT Vendor Management for IT teams across banks.
Shri H. R. Khan, Deputy Governor, Reserve Bank of India and Chairman, IDRBT released the handbook on IT Vendor Management – Principles and Practices, today.
In order to facilitate research collaboration in the areas of Mobile Payments and Analytics, the IDRBT and the National Payments Corporation of India (NPCI) have signed a Memorandum of Understanding between the two organizations.
Shri A. P. Hota, Managing Director & CEO, NPCI, exchanged the MoU with Dr. A. S. Ramasastri, Director, IDRBT in the presence of the Hon'ble Governor and Shri H. R. Khan, Chairman, IDRBT, today.
During the IDRBT Banking Technology Awards every year, the Institute releases a book on Technology in Banking. The information contained in this booklet is based on the data submitted by the banks, when they applied for the awards from the Institute.
This year, the Institute enhanced the scope of this book substantially so that it reflects the collective wisdom of the banking sector on various technology issues and how the sector needs to move ahead in harnessing these technologies for its own benefit.
This book consists of invited articles from experts in the fields of banking on some of the important topics of relevance and importance to all banks. The experts were requested to give their perspective on the present status and the future trends on the selected area. The book includes contributions from the Indian Banks' Association, Indian Institute of Banking and Finance, three public sector banks and two private sector banks on the following areas:
It is expected that this publication would serve as a reference book on Banking Technology.
Dr. Raghuram G. Rajan, Governor, Reserve Bank of India, and Visitor, IDRBT, released this book on "Technology in Banking: Present Status & Future Trends" at IDRBT today.
The IDRBT Banking Technology Excellence Awards are synonymous with excellence in technology adoption, upgradation, absorption and innovation. In its eleventh edition this year, the IDRBT Banking Technology Excellence Awards are the benchmark for recognizing banks which innovate and explore technology to improve cost, reach, customer service and efficiency.
These awards aim at inspiring implementation of innovative technologies in the Indian Banking and Financial Sector and leveraging technology to reach out to the masses. Pioneering and out-of-the-box approaches in the usage of technology for improving productivity and profitability are recognized through these awards.
As technology evolves and changes, the categories of awards also undergo changes. Over the past ten editions, several categories have been dropped and new categories introduced. This year, the Institute has expanded the scope of the Awards and introduced a new award category to recognize and encourage the work done by the regional rural banks.
The Jury for the Eleventh Edition of the IDRBT Banking Technology Excellence Awards is as under:
This year, the IDRBT Banking Technology Excellence Awards, were presented in the following nine categories:
Since the participating banks vary in terms of size and scale of business and operations, the banks were classified into three categories – large, mid-sized and small, on the basis of the business they have done to make comparisons and recognition more meaningful and pragmatic.
Dr. Raghuram G. Rajan, Governor, Reserve Bank of India, and Visitor, IDRBT presented the IDRBT Banking Technology Excellence Awards at a very special function today to all the winners.
And the winners for the IDRBT Banking Technology Excellence Awards 2014 – 15 are:
|Award Category||Winner||Award Received by||Photos|
|Best Bank Award for Use of Technology for Financial Inclusion Among Large Banks||Bank of India||Shri B. P. Sharma, Executive Director|
|Best Bank Award for Use of Technology for Financial Inclusion Among Mid-Size Banks||Andhra Bank.||Shri S. K. Kalra, Managing Director & CEO|
|Best Bank Award for Use of Technology for Financial Inclusion Among Small Banks||RBL Bank Ltd. (Ratnakar Bank)||Shri Viswaveer Ahuja, Managing Director & CEO|
|Best Bank Award for Digital Banking, Analytics and Big Data Among Large Banks||Axis Bank Ltd.||Shri Amit Sethi, President & CIO|
|Best Bank Award for Digital Banking, Analytics and Big Data Among Mid-Size Banks||The Federal Bank Ltd.||Shri Ganesh Sankaran, Executive Director|
|Best Bank Award for Electronic Payment Systems among Large Banks||State Bank of India||Shri Mrutyunjay Mahapatra, Deputy Managing Director & CIO|
|Best Bank Award for Electronic Payment Systems among Mid-Size Banks||IndusInd Bank Ltd.||Shri Madhavan Kandadai, Chief Technology Officer (IT Team)|
|Best Bank Award for Electronic Payment Systems among Small Banks||The Karur Vysya Bank Ltd.||Shri K. Venkataraman, Managing Director & CEO|
|Best Bank Award for Use of Technology for Fraud Prevention and NPA Management among Large Banks||ICICI Bank Ltd.||Dr. Sanjay Chougule, Sr. General Manager & Global Head & Shri G. Srinivas, Sr. General Manager|
|Best Bank Award for Use of Technology for Fraud Prevention and NPA Management among Mid-Size Banks||Bank of Maharashtra||Shri R. Athmaram, Executive Director|
|Best Bank Award for Managing IT Infrastructure among Large Banks||State Bank of India||Shri Mrutyunjay Mahapatra, Deputy Managing Director & CIO|
|Best Bank Award for Managing IT Infrastructure among Mid-Size Banks||Bank of Maharashtra||Shri R. Athmaram, Executive Director|
|Best Bank Award for Managing IT Infrastructure among Small Banks||The Lakshmi Vilas Bank Ltd.||Shri A. J. Vidyasagar, Chief General Manager, COO|
|Best Bank Award for Cyber Security Risk Management among Large Banks||HDFC Bank Ltd.||Shri Bhavesh C. Zaveri, Country Head – Operations & Technology|
|Best Bank Award for Cyber Security Risk Management among Mid-Size Banks||Vijaya Bank||Shri Kishore Kumar Sansi, Managing Director & CEO|
|Best Bank Award for Cyber Security Risk Management among Small Banks||South Indian Bank Ltd.||Shri V. G. Mathew, Managing Director & CEO|
|Best Bank Award for Evangelising Technology Adoption among Large Banks||ICICI Bank Ltd.||Shri Murali Mahalingam, General Manager, Technology Group|
|Best Bank Award for Evangelising Technology Adoption among Small Banks||Karnataka Bank Ltd.||Shri P. Jayaram Bhat, Managing Director & CEO|
|Best Bank Award for Best IT-Enabled Co-operative Bank||Abhyudaya Co-operative Bank Ltd.||Shri P. K. Mohapatro, General Manager, IT|
|Best Bank Award for Best IT-Enabled Regional Rural Bank||Kerala Gramin Bank||Shri K. V. Shaji, Chairman|
The top management of the Indian Banking and Financial Sector including Executive Directors of Reserve Bank of India; Managing Director & CEOs, CIOs and IT Chiefs of public and private sector banks participated in this special function.