Reserve Bank of India has showed dissatisfaction in public sector banks for spending large amounts of money to adopt centralized information technology and still not been able to implement it fullu in practice.

RBI has decided to come with guidelines for the same and also give a deadline to banks within which they need to apply the mechanized process in practice.

The largest lender of the country, State Bank of India has spent around Rs 2,300 crore for this technology in a time frame encompassing five years. Punjab National Bank has put money amounting to Rs 1000 crore on core banking service (CBS) while Rs 400 crore has been spent by Canara Bank.

The central bank has asked banks to provide details of the CBS system, its MIS and centralised capabilities.