The Indian Banking Sector has notched up significant successes ever since the days of nationalization. The Reserve Bank of India, the country’s Central Bank, is constantly innovating in its endeavor to upgrade the country’s Payment System, and Information Technology is playing a pivotal role in it. The Banking Industry too has realized the huge benefits of ‘technologising’, and is adopting Information Technology in a big way in all its strategic, functional and operational processes and applications.
The Reserve Bank of India constituted a committee on “Technology Upgradation in the Payments System” in the year 1994 under the Chairmanship of Shri W. S. Saraf, the then Executive Director of RBI. In its report submitted in December 1994, the committee emphasized that an apex-level Institute be set up to undertake development and research in the area of Information Technology applied to the financial sector, with specific focus on banking.
The Central Board of Directors of RBI, in their meeting held on October 19, 1995 at Thiruvananthapuram, approved the establishment of the Institute with a brief to spearhead technology absorption in the banking and financial sector of the country. Accordingly, the IDRBT started functioning from March 06, 1996.
The Institute has crossed many a milestone and contributed in a big way to the growth and development of the Banking and Financial Sector in India, and more importantly facilitated in making banking a pleasure for the common Indian by harnessing the latest technologies. Please click on the specific years on your right menu to view key developments and contributions during these years.