RBL Bank announced today that Accenture consulting firm will join their ranks to transform the bank’s information technology (IT) networks and services.
RBL Bank Seeks Accenture’s Services
Through the partnership, Ratnakar Bank (RBL Bank) hopes the institution’s business processes, banking services, and overall scalability will be improved. This year, the bank has reportedly suffered from “unprecedented disruption.” RBL Bank officials are hoping that by changing the digital structure of their services, this will lead to future growth and an overall healthier bank infrastructure. India Market Lead for Accenture Piyush Singh said:
“We look forward to using our deep banking industry knowledge and digital capabilities to support RBL Bank in its journey to becoming a truly digital bank.”
The bank hopes to take its services online and embrace the digital age, which seems to be the ongoing trend given the current pandemic. Also, by providing digital services, RBL Bank advocates that this will create a more “agile organization” and provide more efficient and quicker services.
Priding themselves to an Indian private sector bank, RBL Bank will not be the first to embrace Accenture’s service as a professional consulting firm to advance its own growth. Beforehand, Bank of England and French Central Bank “Banque de France” has also adopted Accenture’s professional expertise to further promote the experimentation and implementation of their own central bank digital currency (CBDC).
Accenture has been reputable for modernizing banking services by providing digital expertise, as well as proposing innovative applications designed to enable users to transact and conduct key business and financial processes online. For RBL Bank, Accenture will be responsible for designing the core “technological skeleton” behind the financial institution’s IT system, and it will employ DevOps and Agile working methodology to improve the bank‘s digital services.
Will Reserve Bank of India Warm Up to Crypto?
Earlier this year, the Reserve Bank of India had made it clear that it did not have any ban set in place for the cryptocurrency industry. The Supreme Court of India has overturned the central bank’s proposal of banning Indian banks from providing crypto-related services. Despite the absence of a crypto ban, digital assets are still heavily unregulated in India. Banks claim that they are waiting for further instructions from the Central Bank regarding cryptocurrency.
With the ongoing COVID-19 pandemic, India’s crypto trading industry has been reported by to have seen an increase of 400 percent earlier this year.
However, much work in the Indian crypto industry is to be desired. While the Supreme Court has allowed virtual currencies to be used by institutional banks, crypto regulators in India still need to figure out a way to regulate crypto trade.
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