Information Technology Role in Indian Banking Sector

Information technology refers to the acquisition, processing, storage and dissemination of all types of information using computer technology and telecommunication systems. Technology includes all maters concerned with the furtherance of computer science and technology and with the design, development, installation and implementation of information system and applications. Information technology architecture is an integrated framework for acquiring and evolving IT to achieve strategic goals. It has both logical and technical components. Computer hardware and software, voice, data, network, satellite, other telecommunications technologies, multimedia are application development tools. These
technologies are used for the input, storage, processing and communication of information.

Information technology includes ancillary equipment, software, firmware and similar procedures, services etc. Modern high throughput technologies are providing vast amounts of the sequences, expressions and
functional data for genes and protein. One of the most difficult challenges is turning this enormous pool
of information into useful scientific insight and novel therapeutic products.

Keywords:

Computer, Information Technology, Telecommunications.

Introduction

With the globalization trends world over it is difficult for any nation big or small, developed or developing, to remain isolated from what is happening around. For a country like India,
which is one of the most promising emerging markets, such isolation is nearly impossible.
More particularly in the area of Information technology, where India has definitely an edge over its competitors, remaining away or uniformity of the world trends is untenable. Financial sector in general and banking industry in particular is the largest spender and beneficiary from information technology. This endeavours to relate the international trends in it with the Indian banking industry.

The last lot includes possibly all foreign banks and newly established Private sector banks, which have fully computerized all the operations. With these variations in the level of information technology in Indian banks, it is useful to take account of the trends in Information technology internationally as also to see the comparative position with Indian banks. The present article starts with the banks perception when they get into IT up gradation.
All the trends in IT sector are then discussed to see their relevance to the status of Indian
banks.

 

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