Rangarajan Committee Recommendations
An External Expert Review Committee (EERC), under the Chairmanship of Dr. C. Rangarajan for evaluating the activities of the Institute and redefining its role and suggesting a roadmap for the future was constituted in 2009.
The aim of the EERC was to suggest measures for the development of the IDRBT into a vibrant knowledge based Institute. The specific terms of reference were to:
- Review the activities of the Institute since its beginning for the quality, scope and relevance from the point of view of the objectives of its charter and suggest a roadmap for the future to convert the Institute into an Institute of international standing.
- Suggest appropriate measures to attract the best talent for teaching/research in banking technology.
The EERC, which submitted its report in July 2009, has made valuable recommendations and a snapshot of the key recommendations is as under:
- The primary goal of the Institute is research. The focus should be to conduct applied research and experimental development in the area of Banking Technology. The Institute should become a research based institute working at the intersection of banking and technology focused on applied research.
- Focus on four major areas of research, viz., Financial Networks and Applications, Electronic Payments and Settlement Systems, Security Technologies for the Financial Sector, Financial Information Systems and Business Intelligence.
- Focus on the systemic requirements of the banking system which have large scale implications on the effective maintenance and running of the system.
- Conduct collaborative research programmes with reputed national / international universities in the relevant areas.
- Faculty to be encouraged to submit research proposals to funding agencies in India and abroad.
- Revamp education and training activities with the aim to develop technically competent and in-house expertise in banks to efficiently supervise and manage technology-intensive resources like data centres, data recovery centres, corporate network, etc.
- Offer tailor made programmes based on the roles of the banking professionals.
- Ensure the quality of training through standardisation of course contents, peer review of presentations, audit of training sessions, feedback from participants, guest faculty with practical experience, etc.
- To function as a primary institute of excellence in the area of research and development in banking technology, the Institute needs to shed its function of providing various services by promoting a subsidiary.
- Develop a cadre of well regarded faculty, who can focus on the needs of large scale systems, are capable even when benchmarked against global skills and have an inclination for research.
- Two way flow between the institute and industry and academia to be encouraged for sourcing talent on a global basis.
- Become a member of technology standard setting bodies globally in the area of banking.