In a recent announcement, the Reserve Bank of India (RBI) Governor, Shaktikanta Das, urged banks to actively engage in technology-driven deposits to ensure a smoother transition into the future. He highlighted the importance of banks adopting technology in various sectors such as information technology and IT security.
Governor Das emphasized the need for banks to take the initiative in navigating through challenges by embracing technology, considering the difficulties faced by several banks during the recent disruptions, especially in the aftermath of the tenth SBI Conclave held in Mumbai.
While conducting an investigation, the RBI found that many banks struggled with the transition to disaster recovery sites and faced challenges in maintaining business continuity. Despite various sectors adapting to these changes, the banking industry appeared to lag, as evident in the difficulties faced during the recent disruptions. Governor Das suggested that banks must proactively invest in technology to stay ahead and effectively handle risks.
In conclusion, the RBI is encouraging banks to incorporate technology in their daily operations, enabling smoother transitions during critical times. Governor Das stressed the significance of integrating technology in all banking sectors to ensure agility and resilience, ultimately contributing to a more robust and efficient banking ecosystem.
