HDFC Bank is working on resolving its digital banking issues over the next 10-12 weeks and has submitted a plan of action to the Reserve Bank of India (RBI), the bank's management told analysts during an earnings call on Saturday. In December, the RBI imposed business sanctions on HDFC Bank due to a number of incidents over the last two years which saw the banks’ internet banking, mobile banking, and payments channels go offline. The central bank told 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. It also advised the bank to temporarily stop sourcing new credit card customers. Srinivasan Vaidyanathan, chief financial officer, HDFC Bank said that the bank has put in place several action plans from strengthening disaster recovery, recovery point, recovery time, automating the orchestration tools to get on to disaster recovery side or improving architectural efficiencies, cloud strategy. While some of these strategies are long term, like cloud computing which could take 12 to 18 months others are short term. "We want to mention that progress is being made on the plan of action provided to the regulator. We have taken it positively as it will raise the standard. The regulator will institute a process to (review the) action plan and the progress," he said. "The rest of the things we have envisaged in the action plans we are working out, could take…
Please subscribe to MediaNama. Don't share prints and PDFs.
You May Also Like
News
Google has released a Google Travel Trends Report which states that branded budget hotel search queries grew 179% year over year (YOY) in India, in...
Advert
135 job openings in over 60 companies are listed at our free Digital and Mobile Job Board: If you’re looking for a job, or...
News
By Aroon Deep and Aditya Chunduru You’re reading it here first: Twitter has complied with government requests to censor 52 tweets that mostly criticised...
News
Rajesh Kumar* doesn’t have many enemies in life. But, Uber, for which he drives a cab everyday, is starting to look like one, he...