RBI has made it clear that no further activity should be allowed to continue until technical glitches are solved.
HDFC Bank, the biggest private bank in the country on account of market cap. has been asked to pause its existing services of adding news credit customers as frequent power outages in the past two years, the last one being on the 21st November the bank’s internet banking and payment system has been disrupted on many occasions.
In a statement issued by the HDFC bank, “RBI has issued an order dated December 2, 2020, to HDFC Bank Ltd concerning certain incidents of outages in the including the latest outages in the bank’s internet banking and payment system on November 21, 2020, due to a power failure in the primary data centre” This is a crucial time for most banks as they try to find and help build a path for the resurrection of the Indian economy.
In a statement to the Press Trust of India (PTI) CEO and managing director, HDFC Bank, Sashi Jagdishan, has proclaimed to be in control of the situation, as tries to assuage concerns, investors and borrowers, ‘We would like to take this moment that we have arrived at to ascertain and ensure our existing clientele that there is absolutely no reason to be disillusioned and devastated. You may feel free to perpetuate your upcoming transactions with the bank without any qualm.
It has also assured of complying to the RBI guidelines and therefore taking care of eradication of such niggles. This, as the central bank has mooted HDFC to stop all launches of its digital business-generating activities planned under Digital 2.0 and halt the sourcing of new credit card customers and other rudimentary services for an interim period, until further notice.