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These Accuracy, availability, security, and updating of financial records are crucial for banking business services. The importance of 24times365 hour service availability with accurate and secured data is the resolution for business competitive advantages. Choosing the right IT contingency planning (ITCP) for disaster recovery (DR) insures business continuity and optimizes banking investment. This research investigates the imperative fundamental requirements of each banking business unit and addresses the mapping of business criticality to DR readiness by assessing recovery time objective (RTO) and recovery point objective (RPO) to guarantee business continuity under a maximum tolerable period of disruption (MTPD). The DR strategy model proposes optimization strategy for choosing the right pattern of disaster recovery solution for each business unit requirement.