RBI Governor Shaktikanta Das emphasized the need for banks to enhance their IT systems to match the rapid growth of digital payments. While the RBI doesn’t specify IT investment amounts, Das highlighted the importance of infrastructure alignment with business growth. He attributed recent payment delays to bank issues rather than UPI or NPCI faults. The RBI’s CSITE team intervenes during outages, ensuring corrective actions and active disaster recovery centers. Banks must report outages, and outlier entities receive corrective plans. To ease bank pressure, RBI promotes UPI Lite for low-value transactions, reducing reliance on core banking systems.
RBI Urges Banks to Strengthen IT Systems Amid Digital Payment Surge
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