The Institute for Development and Research in Banking Technology (IDRBT) is an autonomous institution established by the Reserve Bank of India (RBI) in 1996. It was set up as a society under the Societies Registration Act to serve as a center for research and development in banking technology. Since 2004, the Institute has been financially…
The Reserve Bank of India (RBI) has issued the Digital Lending Directions, 2025, to regulate the rapidly evolving digital lending ecosystem in India. Digital lending refers to the end-to-end automated loan process conducted remotely using digital platforms, encompassing customer acquisition, credit assessment, loan approval, disbursement, servicing, and recovery. While digital lending has significantly enhanced credit…
The Indian Financial Network (INFINET) is a Closed User Group (CUG) Network for the exclusive use of Member Banks and Financial Institutions. It was set up by the Reserve Bank in 1999 through the Institute for Development and Research in Banking and Technology (IDRBT) Hyderabad. The Institute explored capability, methods, procedure to expand the network…
The Ministry of Finance, Department of Financial Services Government of India in its letter dated 17th July 2012 had advised all the public sector banks that “No PSB can issue any LC or BG after 01.08.2012 except through SFMS system”. Further, the department has advised that the IFN 760 COY Bank Guarantee Message and IFN…
National Financial Switch (NFS) is the largest network of shared automated teller machines (ATMs) in India. It was designed, developed, and deployed with the aim of inter-connecting the ATMs in the country and facilitating convenience banking. The network was taken over by NPCI from Institute for Development and Research in Banking Technology (IDRBT) on December…
Customer analytics refers to the systematic process of understanding customer behaviors, preferences, and needs to optimize banking products and services. It has become a core component of modern banking strategy, significantly transforming the industry by enabling financial institutions to derive actionable insights, personalize customer interactions, and enhance the overall customer experience. This strategic shift supports…
User-friendly features play a pivotal role in banking digitalisation, significantly enhancing customer experience, promoting employee adoption, and improving overall operational efficiency. These features include intuitive interfaces, clear navigation, personalized experiences, and broad accessibility. Additionally, effective data management, seamless omnichannel integration, and proactive customer support are instrumental in ensuring a positive and consistent user journey. Outlined…
IntroductionTechnology has become a cornerstone of modern retail banking, revolutionizing customer interactions with financial institutions and enhancing operational efficiency. Core technological advancements—including digital banking, artificial intelligence (AI), cloud computing, and automation—are reshaping the sector by improving customer experience, personalizing services, and streamlining internal processes. Below is a detailed examination of how various technologies are influencing…
The Reserve Bank of India on Friday (July 1, 2022) released the report on Benchmarking India’s Payment Systems providing a comparative position of the payments ecosystem in India relative to other 21 major countries. The pilot exercise for benchmarking India’s payment systems was undertaken in 2019 with respect to the position in 2017. The above…
Aadhaar Enabled Payment System (AePS) is a system developed by the National Payments Corporation of India (NPCI)is operational in India since January 2011. The idea of the Government of India coming up with AePS is mainly to help the people from far-off places particularly from villages where banking services are not available. With the help…
