HDFC bank failures: Taking note of the continuing problems in HDFC Bank’s digital services, the Reserve Bank of India (RBI) has asked the private lending bank to halt any new activity as part of its Digital 2.0 initiative, which includes a search ban. new customers by credit card. READ ALSO | Ethereum Upgrade: Find Out What The Second Largest Cryptocurrency 2.0 Upgrade Means For Investors
The bank has experienced multiple outages in its internet banking, mobile banking and payment services over the past two years.
What is the exact command?
Pursuant to the order, the RBI advised the bank to temporarily halt all launches of its planned digital business-generating activities under Digital 2.0 and other proposed business-generating IT applications, and other share to stop supplying new customers with credit cards.
The bank was asked to review the breaches and correct the liability.
The latest instructions come after the central bank demanded an explanation from HDFC Bank on November 23 after its digital services were disrupted from November 21 to the morning of November 22, or nearly 12 p.m.
When should he be up?
“The above measures will be considered to be lifted in the event of satisfactory compliance with the main critical observations identified by the RBI,” he added.
However, the Bank in its filing with the stock exchanges highlighted several measures taken to fortify its computer systems over the past two years. The bank spoke of the “rapid closing of the balance and would continue to engage with the regulator in this regard”.
He also sought to reassure customers, saying, “(HDFC Bank) expects current surveillance actions to have no impact on its existing credit cards, digital banking channels and existing operations and believes that these measures will have no material impact on its overall activities.
What’s wrong with HDFC Bank’s digital services?
HDFC Bank has witnessed several failures when it comes to digital services, with customers complaining of inability to transact through credit and debit cards, online banking, UPI, IMPS and others. payment methods.
On November 21, customers complained about the inefficient payment stack, which the bank said was an unexpected outage in one of its data centers.
In a similar incident last year, customers complained about not being able to pay off their EMI loans or pay their credit card bills on time.
It was later detected that the outage occurred when the lender had “underestimated” the growth in payment volumes and the disruption was primarily a capacity issue. Although he denied any rumors of a cyber attack, but mentioned that the same had been communicated to the banking regulator.