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…
- How many crypto exchanges registered with India’s FIU following government notification? March 21, 2023
- Why is Twitter’s move to withhold accounts amid internet shutdown in Punjab problematic? March 21, 2023
- RTI: No details on how many entities have complied with CERT-In’s cybersecurity directions March 21, 2023
- Flipkart Not Required to Take “Action” on Copyright Complaints Under Platform Regulation Rules: Delhi HC March 21, 2023
- RTI: Indian govt says registration on U-WIN “not compulsory” yet for vaccination, but is the information public? March 21, 2023
MediaNama’s mission is to help build a digital ecosystem which is open, fair, global and competitive.
Amazon announced that it will integrate its logistics network and SmartCommerce services with the Open Network for Digital Commerce (ONDC).
India's smartphone operating system BharOS has received much buzz in the media lately, but does it really merit this attention?
After using the Mapples app as his default navigation app for a week, Sarvesh draws a comparison between Google Maps and Mapples
In the case of the ‘deemed consent' provision in the draft data protection law, brevity comes at the cost of clarity and user protection
The regulatory ambivalence around an instrument so essential to facilitate data exchange – the CM framework – is disconcerting for several reasons.
Please subscribe to MediaNama. Don't share prints and PDFs.
You May Also Like
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...
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...
Twitter takes down tweets from MP, MLA, editor criticising handling of pandemic upon government request
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...
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...