Banking and monetary regulator, Reserve Bank of India has said that very soon it is going to come up with new information technology guidelines. The guidelines would focus mainly on the usage of IT beyond core banking solutions (CBS) for which its is currently used.

The 'IT Vision Document for 2011-17' has been let out by the central bank which talks about areas like MIS, regulatory reporting, overall risk management, financial inclusion and customer relationship management where IT is expected to be used by commercial banks.

It also lends focus on the need for internal controls, risk mitigation systems, fraud detection/prevention and business continuity plans.

"The report urges banks to work towards reaping benefits of technology in terms of cost reduction of small value transactions, improved customer services and effective flow of information within the banks and to the regulator," the RBI said.