“We know that investment in newer technologies must be made to modernise the existing operations, to face competitive challenges and to meet customer expectations. Some of the investment will also be made with the goal of achieving cost savings, energy efficiency and environment friendliness. In the years ahead, the ability of banks to harness newer technologies, to meet the demands of households and businesses will be tested,” Subbarao said on the sidelines of presenting banking technology excellence awards here.
Last week, RBI forecast the economy would expand about 6% in the year to March 2010. RBI has estimated that the economy grew by 6.5-6.7% in 2008-09 after growing at or above 9% in the previous three years.
