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India lagging behind in tech usage: Jalan

Though India has emerged as a major exporter of software to the developed world it is, paradoxically, lagging behind in using these technologies, RBI Governor Bimal Jalan said in Hyderabad on Thursday.

"On a scale of one to ten, India is at the lower half in terms of adopting these technologies. We need to fill this gap," Jalan said after giving away awards of excellence to nationalised banks in areas of adoption of banking technology and Indian Financial Network (INFINET) usage and applications.

Stating that technology is not a matter of choice but of necessity, the Governor said adoption of emerging technologies would not only help banks do their operations much faster and better but also attempt newer and innovative things.

"Most of us belonging to older generation thought technology will let us do things faster. But it is much beyond that... profitability and cost of operations are being determined by technology," he said.

The awards are instituted by the Institute for Development and Research in Banking Technology, established by RBI in 1996 as an autonomous institute for higher education and research in areas of information technology having a bearing on banking and finance industry.

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