Sashi Jagdishan, MD and CEO of HDFC Bank, has apologized to the bank’s stakeholders and customers for repeated tech outages in the bank in the last couple of years and put them to inconvenience. The bank has been barred by the Reserve Bank of India from selling any new credit cards or launching new digital products. Jagdishan admitted in the last couple of years the bank’s technological capability has been questioned, justifiably and in the last 28 months, the bank has been in spotlight ‘for the wrong reasons’ when it comes to technology. He also acknowledged deficiencies in compliance, coupled with technology problems that led to regulatory actions. Jagdishan added that the bank is certainly sorry for what has happened and it has taken this as an opportunity to improve and redouble its efforts to fix this problem for good.
