RBI chief calls for better IT infrastructure

The Reserve Bank of India's chief general manager in-charge has called on institutions to consider how their IT infrastructure meets their business goals.

RBI head G Padmanabhan claims that banks should consider costs, requirements and length of time technology will be needed when implementing infrastructure.

Addressing an event in Mumbai organised by the Indian Banks' Association (IBA) and Trade Fairs & Conferences International (TCFI), Mr Padmanabhan said that it was vital that IT technology enhanced operational efficiency.

He added that banks should select the optimal infrastructure for their needs and ensure that their security is adequate and up to date.

Speaking at a 2006 banking technology conference, the bank chief cautioned against outsourcing core functions, particularly to a single vendor, which can create increased dependence and risk.

''The maxim in this case should be to outsource and not to abdicate responsibility,'' he claimed.

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