RBL Bank Partners with Accenture to Build A Digital Bank Infrastructure
RBL Bank announced today that it will partner with Accenture consulting firm, who envisions that it can enhance the bank’s information technology (IT) network and services with its professional expertise.
RBL Bank Seeks Accenture's Services
Through the partnership, RBL Bank hopes to take the institution’s business processes, banking services, and overall scalability to another level. This year, the banking industry has reportedly suffered from “unprecedented disruption.”
Accenture consulting firm aspires to empower RBL Bank by transforming the digital structure of its services, leading to future growth and fortified banking infrastructure for the bank. In a press release shared with Blockchain.News, 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.”
RBL Bank hopes to enhance its digital presence and strengthen its online services in light of the digital age, which has sped up its growth given the current pandemic. Also, RBL Bank advocates that this will create a more “agile organization” and provide more efficient and quicker services.
Priding themselves to be an Indian private sector bank, RBL Bank will not be the first to embrace Accenture’s services as a professional consulting firm in order to advance its own growth. Beforehand, Bank of England and French Central Bank “Banque de France” have also adopted Accenture’s professional expertise to further promote the experimentation and implementation of their own central bank digital currency (CBDC).
Accenture has been reputed 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 online services.
Will Reserve Bank of India Warm Up to Crypto?
Though India is making headway in adopting digitizing banking services, the country still appears to be behind its counterparts in the crypto world. There had been rumors that India law regulators were planning on banning cryptocurrency usage in the country.
However, 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 banks in India from providing crypto-related services. Despite the absence of a crypto ban, digital assets are still heavily unregulated in the country. 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 also been reported by to have seen an increase of 400 percent earlier this year.
Despite the surge of crypto trading, much work is still to be desired for the industry's future in India. 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. With proper digital asset guidelines, the cryptocurrency industry can then flourish properly in the country.
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