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RBI asks HDFC Bank to halt digital launches, add new credit card customers – Business News , Firstpost


The RBI additionally took observe of the latest outrages within the HDFC Bank’s web banking and cost system on 21 November owing to an influence failure on the financial institution’s main information centre

Representational picture. Reuters

New Delhi: Private sector lender HDFC Bank on Thursday mentioned the Reserve Bank of India (RBI) has requested it to briefly cease all launches of its upcoming digital enterprise-producing actions and sourcing of new credit card customers after an outage at its information centre which impacted operations final month.

“RBI has issued an order dated on 2 December, 2020, to HDFC Bank Ltd with regard to certain incidents of outages in the internet banking/ mobile banking/ payment utilities of the bank over the past two years, including the recent outages in the bank’s internet banking and payment system on 21 November, 2020, due to a power failure in the primary data centre,” HDFC Bank mentioned in a regulatory submitting.

HDFC Bank mentioned the RBI order “has advised the bank to temporarily stop all launches of the digital business-generating activities planned under its programme Digital 2.0 and other proposed business generating IT applications and sourcing of new credit card customers”.

In addition, the order has directed the financial institution board to look at the lapses and fixes accountability, HDFC Bank added.

The lender mentioned the above measures shall be thought of for lifting upon passable compliance with the most important essential observations as recognized by the RBI.

HDFC Bank mentioned “over the past two years, it has taken a number of measures to fortify its IT techniques and can proceed to work swiftly to shut out the steadiness and would proceed to have interaction with the regulator on this regard.

“The bank has been taking conscious, concrete steps to remedy the recent outages on its digital banking channels and assures its customers that it expects the current supervisory actions will have no impact on its existing credit cards, digital banking channels and existing operations. The bank believes that these measures will not materially impact its overall business,” it added.

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