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HDFC Bank told to halt new digital initiatives

HDFC Bank said the Reserve Bank of India has asked it to temporarily stop all launches of its upcoming digital business-generating activities and sourcing of new credit card customers after outage at its data center, impacting operations recently. The bank said the RBI order has advised the bank to temporarily stop all launches of the digital business-generating activities planned under its program Digital 2.0 and other proposed business generating IT applications and sourcing of new credit card customers. In addition, the order has directed the bank board to examine the lapses and fixes accountability, it added. The bank said the above measures shall be considered for lifting upon satisfactory compliance with the major critical observations as identified by the RBI. The bank said over the last two years, it has taken several measures to fortify its IT systems and will continue to work swiftly to close out the balance and would continue to engage with the regulator in this regard. The bank has had multiple failures in regards to digital services with customers complaining of inability to conduct credit and debit card transactions, internet banking, UPI, IMPS, and other modes of payment in November. The bank claimed the fault was due to a power outage in DAKC data center, which has several banks as clients.


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