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RBI orders HDFC Bank to examine lapses within digital platforms

HDFC Bank building

HDFC Bank Ltd has been ordered by the Reserve Bank of India (RBI) to examine lapses and fix accountability with regards to a number of incidents over the last two years which saw the banks' internet banking, mobile banking, and payments channels go offline, according to a stock exchange filing by the bank on Thursday. In a December 2 order, the RBI has also advised the bank to temporarily stop all launches of its digital business activities, under the banks' Digital 2.0 initiative, which is yet to be launched, and other proposed business generating IT applications. The central bank has advised the bank to temporarily stop sourcing new credit card customers, the filing says. "The above measures shall be considered for lifting upon satisfactory compliance with the major critical observations as identified by the RBI. The Bank over the last…

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