Recognizing the need for the banks to embrace technology and use IT to a large extent, the Governor of the Reserve Bank, had, in the Annual Policy Statement 2005-06, announced that the Reserve Bank would be bringing out the ` Financial Sector Vision Document – FST Vision` aimed at proving banks with inputs on the approach been taken by Reserve Bank in the implementation of IT for the financial sector. This has since been done and the mission statement in the vision document is IT for information and excellence. While the Corporate objective is: “Enabling banks to leverage on IT for better customer service, improved housekeeping and overall systemic efficiency

The Planning Commission constituted a Committee on Vision 2020 for India in June 2000 under the chairmanship of Dr. S.P. Gupta, Member, and Planning Commission. This initiative brought together over 30 experts from different fields. Their deliberations, extending over a period of more than two years, has helped to throw up a range of interesting possibilities, critical issues and crucial decision-points for government and private bodies for future action. Information is a revolutionary force in bridging the digital divide that currently separates the advantaged and the disadvantaged of our nation. Apart from generating new employment opportunities, the application of IT can vastly extend access to education, health care, markets, financial services, vocational skills, administrative services and other aspects of modern society, to many more people at far lower cost. Therefore, rather than addressing IT as a specific sector, in this report, we have chosen to highlight its significant contributions under different headings, like employment, education, infrastructure and governance.

Predictions are being made that the world will have less than 100 ‘super-banks’ and another 100 specialized banks for private banking handling the financial affairs of all citizens in the world down from the current figure of over 36 thousand banks. Further, just as the 20th century witnessed an unprecedented evolution in industry, technology and living standards, the 21st century will see just as a remarkable change in banking & finance. As also predicted, the world of money will have only 10 currencies including gold-based Internet currencies which will be far fewer than the current 180 plus currencies circulating today.

The Vision2020 organized by Wipro & NDTV Convergence seeks to highlight this transition, with the challenges and role ahead for the regulator, banks and technology solutions that will help define the future of Indian Banking in the year 2020!