India?s banking journey with technology has been one of considerable success, says RBI Deuty Governor

Rohit Jain, Deputy Governor of the Reserve Bank of India stated that India?s banking journey with technology has been one of considerable success, marked by a series of institutional innovations that have transformed the way financial services are delivered. The adoption of Core Banking Solutions was a foundational turning point, enabling banks to move beyond branch-centric operations and provide customers with access to their accounts and services across locations. This created the technological foundation for internet banking, mobile banking and the subsequent expansion of digital financial services. The initiatives such as UPI, Aadhar-based e-KYC, Video-based Customer Identification Process, ULI, etc., offer some important lessons. He noted that sound technology governance is not about attempting to eliminate every possibility of failure but about developing the institutional capacity to identify vulnerabilities early, make informed decisions, limit the impact of disruptions, protect customers and recover critical services. This requires a combination of strong oversight, capable personnel, resilient architecture, effective controls and a culture in which technology risk is recognised as a shared responsibility.

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