IT spending in Indian banking sector to hit USD 9.1 billion

NEW DELHI : The Indian banking sector is accelerating its spending on information technology, says a report released by Gartner on Monday.  Accordign to the report, spending by Indian banks on IT will cross the $9-billion mark this year. According to Gartner, IT spending in Indian banking and securities firms is expected to grow by 11.7 per cent to reach $9.1 billion, primarily driven by investments in digital payments infrastructure. 

“Indian banks are getting back on track after slower IT spending in the past two quarters, which was prompted by demonetisation,” said Gartner’s principal research analyst Moutusi Sau. 
The government’s push towards a cashless society, combined with the continuing growth in digital transaction volumes, is creating many opportunities of technology investments into digital payments infrastructure, the research firm added.