IDRBT
Encyclopedia
Institute for Development & Research in Banking Technology or IDRBT is a banking research institute, established in 1996 by Reserve Bank of India
(RBI), and is located at Hyderabad, India
.
in 1996. The RBI formed a committee on "Technology Upgradation in the Payment Systems". The committee recommended a variety of payment applications which can be implemented with appropriate technology upgradation and development of a reliable communication network. As a result of the committee's recommendations the institute was established.
in 2004.
It was handling all the payment authentications until 2009, before transferring to National Payments Corporation of India
. It has also developed common and interoperable standards for all banks in the country.
Reserve Bank of India
The Reserve Bank of India is the central banking institution of India and controls the monetary policy of the rupee as well as US$300.21 billion of currency reserves. The institution was established on 1 April 1935 during the British Raj in accordance with the provisions of the Reserve Bank of...
(RBI), and is located at Hyderabad, India
India
India , officially the Republic of India , is a country in South Asia. It is the seventh-largest country by geographical area, the second-most populous country with over 1.2 billion people, and the most populous democracy in the world...
.
History
IDRBT was set up by the RBIReserve Bank of India
The Reserve Bank of India is the central banking institution of India and controls the monetary policy of the rupee as well as US$300.21 billion of currency reserves. The institution was established on 1 April 1935 during the British Raj in accordance with the provisions of the Reserve Bank of...
in 1996. The RBI formed a committee on "Technology Upgradation in the Payment Systems". The committee recommended a variety of payment applications which can be implemented with appropriate technology upgradation and development of a reliable communication network. As a result of the committee's recommendations the institute was established.
Activities
IDBRT has set up National Financial SwitchNational Financial Switch
Any bank can now join National Financial Switch:-Press release July 26,2011Any bank with Core Banking Solution with 24 X 7 transaction banking capabilities with ATM or no ATM can now join the National Financial Switch through a sponsor bank...
in 2004.
It was handling all the payment authentications until 2009, before transferring to National Payments Corporation of India
National Payments Corporation of India
Reserve Bank of India, after setting up of the Board for Payment and Settlement Systems in 2005, released a vision document incorporating a proposal to set up an umbrella institution for all the RETAIL PAYMENT SYSTEMS in the country...
. It has also developed common and interoperable standards for all banks in the country.