The RBI has frequently directed banks to reduce tech-related glitches that disrupt customers’ ability to transact, five bankers said, declining to be identified as they are not authorised to speak to the media.
A 2 percent increase from 2012 spending of $3.6 trillion, finds Gartner.
The telecommunications category remains the biggest spending category overall in the manufacturing and natural resources industry.
The software market to be the leading growth segment this year.
This forecast includes spending by financial institutions on internal IT (including personnel), hardware, software, external IT services and telecommunications.
Twelve years ago technology spending outside of IT was 20 percent of total technology spending; it will become almost 90 percent by the end of the decade, according to Gartner.
According to a study by market research firm Zinnov, driven by the rapid adoption of IT services due to growing business requirements, IT spend in the BFSI vertical will grow a CAGR of 13 percent.
Som Mittal, president of NASSCOM joins CNBC-TV18 to talk about the IT sector and how growth outlook looks there. He is confident of seeing a double digit growth in FY13. “We maintain that the IT industry is set to grow at 16-18% this year,” he says.
The Indian IT industry recorded 19% growth in revenues in the 2010-11 financial year to Rs 438,296 crore (USD 96.1 billion).
CNBC-TV18 catches up with Vineet Nayyar, chairman of Mahindra Satyam to get his perspective on the business prospects of his company and the sector in the current quarter and the way forward.
Slowing demand from the western economies and mounting cost pressure could tinker with the margins for domestic companies, experts opine. Atul Nishar, chairman of Hexaware joins CNBC-TV18 to give an outlook of his company performance and show the way forward for Hexaware.