Banks not fully spending IT budgets: RBI Deputy Governor

Incidents of unscheduled downtimes are inconveniencing customers, even as many banks are not spending their information technology (IT) budget fully, RBI deputy governor Swaminathan J said on Thursday.

“Recently, there have been a few incidents of unscheduled downtimes inconveniencing several customers. It is also observed that many banks have not been spending fully, the budget earmarked for procurement of IT systems and IT security systems,” Swaminathan said while addressing SBI Banking and Economic Conclave in Mumbai.

“Banks have to proactively commit adequate resources for augmenting their IT infrastructure, commensurate with their business plans and also monitor them for their continued availability and stability,” he added.