Sucheta Dalal :Are Depositors at the Mercy of Bank IT Systems?
Sucheta Dalal

Click here for FREE MEMBERSHIP to Moneylife Foundation which entitles you to:
• Access to information on investment issues

• Invitations to attend free workshops on financial literacy
• Grievance redressal


You are here: Home » Current Articles » Are Depositors at the Mercy of Bank IT Systems?
                       Previous           Next

Are Depositors at the Mercy of Bank IT Systems?  

May 27, 2013

RBI should work at depositors’ protection instead of sitting in an ivory tower and producing reports on “disincentivising cheque usage” by penalising depositors.

Sucheta Dalal

One of the many issues that Moneylife has taken up with the Reserve Bank of India (RBI) is the need for a technology audit of banks and the systems and processes that they adopt. While RBI’s department of supervision inspects banks, it is not clear if this covers the core banking technology that now drives all big bank operations. Over the years, individual banks have often configured systems in a manner that hurt depositors’ interest. And, since technology changes are complex and outsourced, the process of incorporating even small, but necessary changes is both cumbersome and expensive.

To read more on this click here...

-- Sucheta Dalal