Banks need to scale up investments in technology, says RBI's MK Jain

Financial institutions must build capacities in analytics and HR, says central bank deputy governor

Reserve Bank of India (RBI) deputy governor MK Jain has said that banks’ legacy core banking system (CBS), developed in the pre-mobile era, is perhaps not well suited to make swift changes in product design, computation capabilities and API integration, among others. 

According to him, these entities need to scale up their investment in technology to keep up with the changing times.

During a speech at the National Institute for Banking Studies and Corporate Management (NIBSCOM), Jain said that banks and financial institutions (FIs) should foster continuous innovation.

In a technology-led dynamic environment, the financial sector will have to anticipate