The Full Form of ‘IDRBT’ in Banking is ‘Institute for Development and Research Of Banking’.
Full Form of IDRBT
The full form of IDRBT in banking is Institute for Development and Research in Banking Technology. The institute was established by the Reserve Bank of India (RBI) in 1996 as an autonomous apex institution for research, development and training in banking technology.
The institute was set up with the objective of achieving excellence in the field of banking technology and promoting its adoption by banks and other financial institutions. It works closely with the RBI to develop guidelines, policies and standards related to banking technology.
At present, IDRBT has become a centre of global excellence for research and development in banking technology. It undertakes various initiatives to promote innovation and adoption of new technologies such as Big Data Analytics, Artificial Intelligence, Machine Learning, Cloud Computing, Mobile Banking Solutions etc.
IDRBT also provides leadership and guidance to the banking industry on technological issues through workshops and conferences. It also offers a range of courses on banking technology which are accredited by the RBI. These courses help equip bankers with knowledge about new technologies that can be adopted by banks to improve their efficiency and effectiveness.
The institute has various research programmes aimed at improving the understanding of emerging technologies that have applications in banks or other financial institutions. In addition to this, it also partners with national level organizations such as Indian Banks Association (IBA), National Payments Corporation Of India (NPCI) etc., to undertake joint projects focusing on developments in banking technology across India.
Apart from all this, IDRBT also plays an important role in providing technical assistance to banks on their digital transformation journey which includes helping them implement core banking solutions like Finacle Core Banking Solution from Infosys Ltd., Oracle FLEXCUBE from Oracle Financial Services Software Ltd., TCS BaNCS from Tata Consultancy Services Ltd., etc.
In conclusion, it can be said that IDRBT is an important institution for improving the performance of banks by helping them adopt emerging technologies for increased efficiency and effectiveness along with providing technical assistance on their digital transformation journey.
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