Private banks grapple with rising IT expenses amid surge in transactions - Qoneqt
seach-icon
  • user-img

    Anu T S in India

    29 Apr 08:00 AM


    thumbnail

    Private banks grapple with rising IT expenses amid surge in transactions

    Private banks are experiencing a significant increase in information technology expenses as most transactions are now conducted digitally. Unlike the one-time capital expenses incurred when they migrated to core banking, IT is now becoming a recurring cost accounting for up to 10% of operating expenses. Bankers have responded to queries about their level of IT capabilities in light of the RBI action on Kotak Mahindra Bank freezing digital onboarding and issuing credit cards.