Bank of India (BOI) has announced a significant investment of ₹2000 crore in the financial year 2026 towards upgrading its information technology (IT) infrastructure. This strategic move underscores the bank's commitment to embracing technological advancements and enhancing its cybersecurity capabilities to meet the evolving needs of the digital age.

The substantial allocation of funds will be channelled into a comprehensive overhaul of the bank's existing IT systems. The primary objectives of this upgrade include bolstering cybersecurity defenses, streamlining operations through automation, and improving the overall digital experience for customers. This investment is aimed at transforming Bank of India into a tech-driven entity, positioning it as a leader in the rapidly evolving banking sector.

Rajneesh Karnatak, the Managing Director of Bank of India, emphasized the importance of this technological transformation. He highlighted that the upgrade is not merely about adopting new technologies but about fundamentally changing the way the bank operates to deliver superior products and services. The focus will be on leveraging digital initiatives to enhance both internal processes and customer-facing applications.

One of the key areas of focus for this IT upgrade is cybersecurity. With the increasing sophistication of cyber threats, Bank of India recognizes the need to fortify its defenses to protect customer data and ensure the integrity of its systems. The investment will be used to implement advanced security measures, including threat detection systems, data encryption technologies, and robust authentication protocols.

Automation is another critical component of the IT upgrade strategy. Bank of India has already made strides in this area, with automation efforts reportedly saving 12,000 man-hours. The new investment will further accelerate automation initiatives, streamlining various banking processes such as loan processing, customer service, and regulatory compliance. By automating routine tasks, the bank aims to improve efficiency, reduce operational costs, and free up employees to focus on more strategic activities.

The digital customer experience is also set to receive a major boost from the IT upgrade. Bank of India plans to introduce innovative digital products and services that cater to the evolving preferences of its customers. This includes enhancing its mobile banking platform, offering personalized banking solutions, and providing seamless access to banking services across multiple channels.

Bank of India has witnessed substantial growth in its mobile banking customer base, with 5.2 million new customers added recently, bringing the total to 9 million. This surge in mobile banking adoption underscores the increasing importance of digital channels in the banking sector. The IT upgrade will further enhance the capabilities of the mobile banking platform, making it more user-friendly, secure, and feature-rich.

The investment in IT upgrades aligns with Bank of India's broader strategy of enhancing its competitiveness and driving sustainable growth. By embracing technology, the bank aims to attract new customers, retain existing ones, and improve its overall financial performance. This move also reflects the increasing trend among banks to invest heavily in technology to stay ahead in a rapidly changing landscape.