HDFC Bank says it does not face server capacity issues, IT audit in final stages
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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.
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After facing five instances of downtimes during the past 28 months, the country’s largest private sector lender HDFC Bank, which was pulled up by the banking regulator for several outages, has decided to implement cutting-edge technology across all lines of businesses. In a letter to employees, Sashi Jagdishan, MD & CEO of the bank said, “.we have embarked on a scale-changing technology adoption and transformation agenda to help drive our ambitious future growth plans”. He further went on to say that, in the current financial year, there will be some pandemic-related challenges for sure. But, the broad macro opportunities continue to present themselves across the retail, MSME and Corporate Banking for the bank across geographies’ like semi-urban and rural markets. Apart from this, Jagdishan assured the employees that this year too the bank will follow its normal practice in so far as the compensation cycle is concerned.