“This year, we put a budget around 2,000 crore on this side, so we can make the bank change with a full technology and the budget of 85%,” The Budity-Drijnesh Karnatak, speaks E.
This value is approximately 12% of the bank of the overall spending of India but only 2.5% of the total income for FY25. Bank operating spending jumps at 13% yoy with a cost-cost ratio that falls around 51%.
While Indian banks develop budgets in recent years, it remains lower compared to global peers. A report by Boston Consulting Group on August 2024 says global banks typically invest 7-9% of their income systems, while Indian banks are lifted up only to 5%.
The analysts also say that public lenders can also be found to be changed to private peers to claim technology. Although Karnatak has rejected it and say that a large variety between a private bank and a public sector bank, said, 10 years ago. This is no longer the case and PSBs also strong technology and cyber security platform.
Karnatak, in charge as the bank’s primary April 2023, focused on a killed digital initiatives with additional business as well as achieving operation recovery. For example, in the second half of FY25, the Bank of India Automated 16 processes, which helped the store bank almost 12,000 men. “We have made many automation in tasks, which are more routine.” The bank added 5,200,000 customers in previous mobile bankback application, which took total of 9 million.
