New Delhi: The Reserve Bank of India (RBI) has asked to temporarily stop HDFC Bank’s upcoming digital business activities and new credit card issuance by issuing an order. The order has been given by the central bank due to the affected functioning of the data center of HDFC Bank last month. Explain that after complaining about the problems faced by the net banking of HDFC Bank in the past, the bank had talked about such problems.
This order of RBI has come on 2 December. Customers had complained about problems in HDFC Bank net banking and payment system. After which this case was taken into consideration by RBI. Please tell that in the past, such problems have occurred in HDFC Bank. RBI was also asked to investigate and determine accountability.
HDFC said in the information given to the stock market that RBI has issued an order to HDFC Bank Limited on December 2, 2020, in connection with the problems in the bank’s internet banking / mobile banking / payment banking in the last two years. This includes the shutdown of the bank’s Internet banking and payment system, due to the recent shutdown of electricity in the primary data center on 21 November 2020.
HDFC Bank said that the RBI in the order has advised the bank to stop the upcoming digital business development activities and sourcing of new credit card customers under its program Digital 2.0 and other proposed IT applications. HDFC Bank said that with this, the bank’s board of directors has been asked to investigate the deficiencies and decide the accountability. HDFC Bank said that in the last two years it has taken several measures to strengthen its IT system and will complete the remaining work faster.
The bank has said that it is taking concrete steps to address the recent problems in digital banking channels and hoped that the latest regulatory decision will not have any impact on its existing credit cards, digital banking channels and existing operations. The bank believes that these measures will not affect its overall business.