India’s BFSI sector to spend Rs 49,000 crore on IT

India's BFSI sector to spend Rs 49,000 crore on IT

Recent study revealed that Information technology spending by financial institutions is expected to increase by 9.8% to nearly Rs 50,000 crore in 2015. Indian banking and securities companies will spend Rs 499 billion (49,900 crore) on IT products and services in 2015. Companies in BFSI sector are investing to strengthen their operational infrastructure such as in-house personnel, hardware, software, external IT services and telecommunications to support regulatory needs, as well as sustain increasing demands from the digital channels. Banks will also invest in digital solutions, modernize back-end systems and increase their reliability and speed.

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