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HDFC Bank submits plan to RBI to fix tech issues

HDFC Bank is reported to have presented a plan to the Reserve Bank of India proposing how it will fix repeated breakdowns in its services over the past 3 years because of problems in its technology platform. The recent instance of breakdown of services has been in November and December 2020 when there were several outages because of technical issues and it was directed by the RBI to temporarily halt all its digital launches as well as new sourcing of credit card customers. The bank is now expecting the regulator to remove the curbs, especially acquisition of new customers for its credit cards. The bank is reportedly working on several immediate and long-term remedies as part of its internal review. The bank’s MD and CEO Sashidhar Jagdishan has allayed fears of the customer and assured them that the bank is working on war footing to resolve IT issues.

 

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