Banks must collaborate, not compete on technology front: RBI DG Rabi Sankar

There is a need to elevate initiatives and technology to a higher level by fostering collaboration across the banking sector, said Reserve Bank of India (RBI) Deputy Governor (DG) T Rabi Sankar on Friday. Speaking at Indian Banks’ Association’s (IBA’s) 20th Annual Banking Technology Conference, Expo and Citations, he stated that this collaboration should not be competitive but rather a collective effort to ensure the sector is prepared for any technological challenges. The RBI DG emphasised the importance of a balanced, structured arrangement where both the central bank and the banking system can easily exchange help and suggestions to adapt to new technologies.