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Core Banking Transformation at the Reserve Bank of India

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4 December 2017
Stephen Greer

The Reserve Bank of India underwent an extensive modernization with Intellect Design Arena, transforming its operations and enabling other countrywide payments and tax initiatives.

Abstract

In 2011, RBI decided to implement the Intellect Quantum Central Banking Solution (QCBS), progressively modernizing one of the largest central banks serving the largest democracy in the world. With Quantum, RBI was able to integrate three distinct financial worlds: the government, financial institutions, and the public, leveraging system architecture designed for speed and streamlined workflows.

Since the launch of Quantum, RBI has completely transformed foundational elements of its operations by leveraging the platform’s capabilities. In 2016, the bank launched a payments gateway for direct outbound government payments as well as the infrastructure for a completely streamlined and modernized goods and services tax structure across regional offices.

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