Must invest adequately in IT systems: RBI Governor Shaktikanta Das to banks

The Reserve Bank of India (RBI) on Friday underscored the urgency for banks to bolster their IT systems to keep up with the fast-paced growth of digital payments in the country.

“Banks should invest adequately (in IT systems),” said RBI Governor Shaktikanta Das at a post-monetary policy press conference, adding, “IT systems, the capacities, and the overall infrastructure have to keep pace with the growth of business.”

The RBI does not prescribe regulated entities, such as banks, the amount they should allocate towards their IT infrastructure.