Banks are investing large sums – up to 10% of their operating expenses – to upgrade their IT systems and comply with regulatory norms even as they cope with the rising number of online transactions.Sandeep Batra, executive director, ICICI Bank, said last week that IT resilience and customer security were of paramount interest to the bank. “This is not constrained by any budget. In fact, since 2019, our IT and cyber security spends as a share of overall spends have moved up from 5.6% to 9.4%,” Batra said.
HDFC Bank is also making substantial investment in technology, its MD & CEO Sashidhar Jagdishan said. “We will continue to invest in distribution, people and technology. In…
Read More…