Indian banks allocate only up to 5% of revenue to IT spending: BCG Report.

According to a report by the Boston Consulting Group, Indian banks allocate only up to 5% of their revenue to IT spending, which is lower than global peers who typically invest 7-9% of their revenue on IT costs. The report also highlights that the core IT infrastructure of Indian banks, which was mostly set up in the 1990s, has less resilience towards new age challenges. In other news, the Small Industries Development Bank of India (SIDBI) has partnered with C2treds and UGRO Capital to facilitate loans to the MSME sector. Additionally, the Unified Payments Interface (UPI) remains the dominant digital payment method in India, with a 56% growth in volume compared to the previous year. [Extracted from the article]