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HDFC Bank says it does not face server capacity issues, IT audit in final stages

HDFC Bank said that its information technology or digital infrastructure does not have server capacity issues and that each of the five technical outages the bank has faced in recent years are fundamentally different. During a recent earnings call for the banks' fourth quarter results, the banks' management also said that the Reserve Bank of India (RBI) mandated third-party IT audit is in its final stages. The five outages in the last 28 months include glitches or downtime in the net banking and mobile banking platform. In November last year, there was unexpected outage at one of the banks' data centers in Navi Mumbai which left customers in the dark for a few days. In March this year, technical issues led to customers complaining that they could not access the banks' digital banking platforms.  HDFC Bank has many accolades to its name. It is the largest private bank in the country, has a market cap of over Rs 7 lakh crore, historically low bad loans, over Rs 13 lakh crore in deposits, over Rs 11 lakh crore in loan disbursements, more than 5,000 branches and over 56 million customers. It is also one of the most digitised banks in the country, with 95% of its customers engaging through the web or mobile. But that last bit has recently run into trouble. When the power outage issue occurred, the RBI imposed business sanctions on HDFC Bank. This was a break from the central bank's traditional practice of imposing monetary penalties on…

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