Indian banks are not facing huge write downs or losses and are still quite well capitalized. There may be a slowdown in credit but that is more a reflection of the broader economic slowdown-the impact of the real sector on the financial sector. In this context, for India the theme of the seminar, which refers to ‘sustaining the growth momentum’ is quite apt.
Globally, the IT spends of financial institutions are expected to go down drastically in 2009-10. In India, however, this could be an opportune moment for banks to focus on the internal processes and consolidate their IT platforms across functionalities to use technology as an effective strategic tool.