UNIVERSITY OF MUMBAI

PROJECT ON
RECENT TECHNOLOGY DEVELOPMENT IN INDIAN BANK
BACHELOR OF COMMERCE

Banking & insurance

Semester v

(2016-2017)

SUBMITTED
In partial Fulfillment of the requirement for the

Award of Degree of Bachelor of Commerce Banking & Insurance.

SUBMITTED BY,
VISHAL VIKAS THASAL

ROLL NO. - 62

UNDER GUIDANCE,
PROF. KUNAL SONI SIR

MAHARSHI DAYANAND COLLEGE OF ARTS, SCIENCE &

COMMERCE PAREL, MUMBAI 400 012.
 MAHARSHI DAYANAND COLLEGE
OF ARTS, SCIENCE & COMMERCE
PAREL, MUMBAI 400 012.

CERTIFICATE

This is to certify that MR. VISHAL VIKAS THASAL of B.Com

(Banking & Insurance) Semester V (2016-2017) has successfully
completed the project on RECENT TECHNOLOGY
DEVELOPMENT IN INDIAN BANK under the guidance of
PROF. KUNAL SONI.

Course Coordinator Principal

Project Guide/Internal Examiner External Examiner

 DECLARATION

I am MR. VISHAL VIKAS THASAL. The student of B. com

(Banking & Insurance) Semester V (2016-2017) hereby declares that I
have completed the Project on RECENT TECHNOLOGY
DEVELOPMENT IN INDIAN BANK. The information submitted
is true and original to the best of my knowledge.

Signature of student

Name of Student

MR. VISHAL VIKAS THASAL

Roll No. 62
 ACKNOWLEDGEMENT

The college, the faculty, the classmates & the atmosphere, in the
college were all the favorable contributory factors right from the point
when the topic was to be selected till the final copy was prepared. It
was a very enriching experience throughout the contribution from the
following individuals in the form in which it appears today. We feel
privileged to take this opportunity to put on record my gratitude
towards them.
PROF. KUNAL SONI SIR made sure that the resource was made
available in time & also for immediate advice & guidance throughout
making this project. The principal of our college DR. T.P.GHULE
and our Vice-Principal Mrs. SANJEEVANI PHATAK has always
been inspiring & driving force. We are thankful to Mr. SANTOSH
SHINDE associated with administration part of Financial Markets &
Banking & Insurance section has been very helpful in making the
infrastructure available for data entry.
 EXECUTIVE SUMMARY

Indian banking sector opened its door for computerized applications and development of
communication network basically due to the sheer compulsion and necessity to cope up
demand from its customers from different countries. Increasing number of bank branches,
growing volume of banking operations, problems inherent in manual system and increasing
incidence of frauds made it imperative for banks to signalize favorable response for the need
of hour. During the first phase of introduction of computer applications in banking, around
4776 Advanced Level Posting Machines (ALPMs) and 233 minicomputers have been
installed. In 1993, employees of banks signed agreement with management regarding
computerization of banking industry in India. Committees headed by C. Rangarajan have
given landmark reports strongly recommending the IT applications in banking business. In
1994 Reserve Bank of India (RBI) constituted a committee for technical up gradation of the
banks. The committee worked with the representation of different members from banks,
technical institutions and government. Based on the recommendations of the committee the
Institute for Development and Research in Banking Technology (IDRBT) was established in
1996. The core research areas of the institute include financial network, application
architecture, web based technology, payment system, multimedia, data mining, data
warehousing and risk management. In 1999 the collaborative efforts of IDRBT and RBI
developed a satellite based wide area network known as Indian Financial Network
(INFINET). The network is restrictive to be used by the banks and financial institutions only.
Presently, the network consists of over 950 Very Small Aperture Terminal (VSATs) located
in 127 cities of the country and utilizes one full transponder on INSAT 3B. Realizing the
importance of payment system RBI constituted an operational group and payment system
advisory committee in 2000. The prime task assigned to the committee was to develop an
efficient and well-integrated system which could serve the purpose of Real Time Gross
Settlement.
 CONTENTS

CHAPTER PAGE
TOPIC
NO NUMBER

1 INTRODUCTION 1

2 LITERATURE REVIEW 2

3 OBJECTIVES & NEED FOR THE STUDY 4

4 RESEARCH METHODOLOGY 5

ANALYSIS OF DATA, FINDINGS AND

5 10
INTERPRETATIONS

6 RECOMMENDATIONS & SUGGESTIONS 43

7 CONCLUSION 45

BIBLIOGRAPHY, REFERENCES &

8 46
WEBSITES