ICAI Nagpur Branch (WIRC) recently conducted a seminar on Core Banking Solutions (CBS) for its members at the ICAI Bhawan in Dhantoli, Nagpur. CA Dinesh Rathi, Chairman of the ICAI Nagpur Branch highlighted that the journey of bank automation began in 1981, with banks in India starting branch-level automation between 1984 and 1987. “Today, manual banking is unthinkable. However, with the implementation of CBS, challenges such as maintaining an audit trail,” he added. CA Charudutt Marathe emphasised that CBS has revolutionised the banking industry by improving efficiency and customer convenience.

 

The automation of key banking functions reduces the need for manual intervention, speeds up processes, ensures accurate data management, and strengthens internal controls. CA Ninand Nandgaonkar, explained that CBS connects all branches of a bank via a centralised database, enabling customers to access services from any branch. This real-time processing of transactions ensures that data remains updated across all branches.