RBI setting up IT subsidiary: Rajan | Business Line

RBI setting up IT subsidiary: Rajan | Business Line


24, 2015
IT initiative
This refers to the report
“RBI setting up IT subsidiary: Rajan” (The Hindu Business Line, October 24). The welcome initiative is
consistent with the central bank’s tradition in institution-building to ensure
timely infusion of professionalism to promote growth in various sub-sectors of
the Indian economy. RBI has participated effectively in the setting up of
institutions like SBI, UTI, IDBI, SIDBI, NABARD and Exim Bank, which are
playing significant role in their respective areas of specialisation.
The delay in developing
an IT arm capable of guiding the massive IT-related work which is now being
outsourced sporadically has caused considerable losses to the institutions in
the financial sector. Apart from financial losses, absence of guidance in
having compatible programs and processes cause delay in getting data inputs and
their compilation and use. It is hoped, the proposed IT arm of RBI would
address these and similar issues, besides overall improvement in use of IT in

G Warrier
, Mumbai


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