The Institute for Development & Research in Banking Technology (IDRBT) is an engineering training institution . Established by the Reserve Bank of India (RBI) in 1996, the institution works at the intersection of banking and technology. It is located in Hyderabad, India.
A need was felt to develop a higher education institution with the objective of providing information technology support to banks and financial institutions.
The foundation for the inclusion of information technology in the Indian banking and financial sector was laid by the Dr. Rangarajan Committee’s two reports in 1984 and 1989, which strongly recommended computerization of banking functions at various levels.
In the year 1993, employees unions of banks under the aegis of Indian Banks’ Association signed an agreement with the bank management. The agreement was a major breakthrough in the introduction of computerized applications in banks and the development of communication networks.
Over the next two years, substantial work was done and the top management realized the urgent need for R&D activities and training in the field of banking technology. Banks and financial institutions began setting up training centers and colleges focused on technology.
The need for an apex-level institution was felt, which would be the brain trust for banking technology and leading technology absorption in the Indian banking and financial sector. In the year 1994, a committee on “Technology Upgradation in Payment Systems” was constituted. The committee recommended a variety of payment applications that can be implemented with appropriate technology up-gradation and development of a reliable communication network.
The committee also suggested the establishment of an Information Technology Institute for the purpose of research and development as well as consultancy in the application of technology in the banking and financial sector of the country.
As per the recommendation of the Committee, the Institute for Development and Research in Banking Technology] was established in March 1996 as an autonomous center for development and research in Banking Technology.
The vision of the Institute for Development and Research in Banking Technology is:
“To be the premier and preferred research and development institution on financial sector technology and its management, working at the intersection of banking and technology for Indian banking.”
The mission of the Institute for Development and Research in Banking Technology is:
To visualize and anticipate the technology needs of the Indian banking and financial sector and to undertake research and development of required technologies.
To guide the Indian banking and financial sector.
To provide training, advisory and consultancy services on technology, technology infrastructure and technology management matters for the banking and financial sector.
To play a catalytic role in the development of banking technology as a recognized subject of study.
To create a pool of banking technology professionals through innovative and quality educational initiatives.
Participate directly and indirectly in the development of standards and best practices.
To develop and develop state-of-the-art banking technology products and services to facilitate better and easier banking.