RBI tells HDFC Bank to stop digital launches
Published On: Thursday, December 3, 2020 | By: Team KnowMyStock
Shares of HDFC Bank was down 2.5 per cent after the Reserve Bank of India (RBI) has advised the bank to halt all its digital launches as well new sourcing of credit card customers temporarily. The RBI issued the order dated December 2, 2020, to HDFC Bank with regard to certain incidents of outages in the internet banking, mobile banking and payment utilities of the bank over past two years including the recent outages in the bank’s internet banking and payment system on November 21, 2020, due to a power failure in the primary data centre. The order also states that HDFC Bank’s board must examine the lapses and fix accountability. A similar incident took place on December 3, 2019, with customers complaining that they were unable to pay their loan EMIs or settle credit card bills on time
Due to a technical glitch, some of our customers have been having trouble logging into our NetBanking and MobileBanking App. Our experts are working on it on top priority, and we’re confident we’ll be able to restore services shortly. While we deeply regret the inconvenience caused, there’s no cause for undue concern," it had said.
The current measures will be lifted by the RBI once it is satisfied of the compliance with major critical observations it has made concerning the bank.
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