Mumbai-based Zoroastrian Cooperative Bank has achieved a significant milestone by receiving the Indian Banks’ Association (IBA) Special Mention Technology Citation for Best Technology Bank at the IBA Annual Banking Technology Conference held last week.
The prestigious award was presented by Rabi Sankar, Deputy Governor, Reserve Bank of India, marking a proud and historic moment for the Bank. Chairman Mr. Yazdi Tantra, along with the entire IT team, received the trophy, the first such recognition in the Bank’s history.
The IBA Technology Citations are regarded as among the most prestigious and sought-after recognitions in the Indian banking industry, honouring excellence in technology adoption and innovation.
An independent jury, headed by Dr. B. Phatak, Professor Emeritus, Department of Computer Science and Engineering, Indian Institute of Technology (IIT), Mumbai, identified the winners from over 300 nominations, an all-time high.
Yazdi Tantra, Chairman of the Bank, said the recognition reflects the Bank’s sustained technology-led efforts over the past five years. He emphasized that a robust and secure technology platform has enabled a superior customer experience across channels while maintaining a fine balance between convenience and cyber security. He added that the Bank will continue to invest in people and technology and highlighted its strong financial health, with Zero Net NPAs and Gross NPAs below 0.60%, among the lowest in the industry.
MD & CEO Mr. Daljit Dogra highlighted the Bank’s pragmatic technology strategy, noting the successful upgrade to Infosys Finacle Core Banking Solution (CBS) in May 2022 and its swift stabilization. He credited the IT team, staff, and technology partners for the smooth transition. He added that over 82% of the Bank’s transactions are now digital and that the Bank plans to further leverage technology to scale operations in a cost-effective manner.
