HDFC Bank tackling tech glitches, awaits RBI cues on easing of curbs

APP, bank of india, reserve bank of india, RBI, central bank, Customers, sashidhar jagdishan, hdfc bank

Private lender

HDFC Bank

said it was awaiting clarity from the Reserve Bank of India on when the embargo placed on it in December 2020 will be lifted. The bank also said that the outages it faced recently were not because of capacity issues in the bank’s infrastructure but hardware related issues.

“All the elements around technology area that the auditor wanted to look, have been completed and the reports have been submitted to the regulator, we are awaiting further directions from the regulator in this matter,” said Ramesh Lakshminarayanan – Chief Information Officer – HDFC Bank. “I don’t have the timelines now, I can’t second guess, but we definitely hope we would see some feedback from the regulatory point.”

HDFC Bank, which issues nearly 150,000 credit cards a month, was directed by the RBI in December to stop issuing fresh cards until it had sorted out its tech problems. The bank also couldn’t launch any new digital initiatives. In February, the regulator appointed an external firm for carrying out a special audit of HDFC Bank’s IT infrastructure. The report was submitted last month.

Between March and April this year the bank faced 5 down times and three big outages in the last three years. It’s systems were also down for an hour on Tuesday when customers complained that they were unable to access its mobile banking application.

Analysts closely tracking the bank feel that the multiple glitches faced by the bank could delay the lifting of business sanctions, as the central bank which has moved to a 24X7 payments cycle has little tolerance for outages.

Sounding a cautionary note, Lakshminarayanan added that the lender would look at significantly reducing down times.

“I don’t think we will be able to stop all the outages from the existing side, but we will try and minimise that,” he said. “There will be incidents and should an incident come up, we will react to it faster and keep alternative channels open, communicate effectively.”

He also said that the bank is working on a digital factory and a consumer factory to manage growth in customer acquisitions and transactions. While the digital factory will focus on launching new digital products, the enterprise factory will focus on revamping existing IT infrastructure.

The bank is set to launch multiple digital product rollouts in the next 15-24 months. In the short run it will focus on critical services like payments, cards and customer experience. Towards the end of the year, the bank will upgrade its IT platforms.

Lakshminarayanan also added that the recent digital challenges were more of a hardware issue and had nothing to do with low system capacity.

“The existing technology landscape is complex, large and we process a record number of transaction volumes, none of these issues that came out have been on account of capacity,” he said. “We have had issues like a hardware failure, sometimes some components would not have worked effectively. The legacy and current applications would have some design challenges, and that is how we will be looking at it.”

HDFC Bank CEO Sashidhar Jagdishan had said in April that the bank was heavily investing in IT infrastructure that would help it to bear potential load for the next 5 years.

In November 2018, the lender saw its new mobile banking app crash as it faced a unprecedented demand for downloads.

A year later in November 2019, it faced another outage, after one its vendors faced a system upgrade patch issue. Within a year it faced a massive outage at its data centre which lead to a downtime of nearly two days. It faced five more downtime’s between March and April alone when some customers were unable to process transactions.

Internet Explorer Channel Network
News Related

OTHER NEWS

YES Bank Q2 results tomorrow: Profit or loss? Analyst views differ

NEW DELHI: Analyst views differ widely on YES Bank ‘s bottom line in September quarter, but all agree the private lender may see a spike in slippages, a fall in ... Read more »

100-cr milestone achieved through made-in-India vaccines: COVID Task Force chief

As the total COVID-19 vaccine doses administered in India crossed the 100-crore milestone, COVID Task Force chief V K Paul said on Thursday said this is a remarkable feat and ... Read more »

India shows exemplary capabilities to ensure people's welfare: Niti Aayog VC on vaccine milestone

Niti Aayog Vice Chairman Rajiv Kumar on Thursday said India once again shows exemplary capabilities to deliver the solutions for ensuring people’s welfare as the total COVID-19 vaccine doses administered ... Read more »

India crosses 100-crore-vaccination mark | The Everest is yet to be conquered

Despite the hostile terrain, the northern state of Himachal Pradesh, where Malana is located, earlier this month became the first in India to administer at least one COVID-19 vaccine dose ... Read more »

Delhi Police to SC: Need four more months for probe into case against Shivinder Singh

Delhi Police on Thursday told the Supreme Court it needed four more months to complete the probe in a case in which former Fortis Healthcare promoter Shivinder Mohan Singh is ... Read more »

India now as a 'protective' shield' of 100 crore vaccine doses: PM Modi

India now has a strong “protective shield” of 100 crore vaccine doses to combat Covid-19, Prime Minister Narendra Modi said on Thursday, as the country passed this important milestone in ... Read more »

Farmers have right to protest but they can't block roads indefinitely, says SC

The Supreme Court on Thursday said farmers protesting at Delhi borders against the three farms laws have the right to agitate but they cannot block roads indefinitely. A bench headed ... Read more »

As India administers 100 cr COVID-19 vaccine doses, experts urge caution, say pandemic not yet over

Even as India reached the landmark of 100 crore COVID-19 vaccinations on Thursday, experts urged caution and said that the pandemic is far from over. Former Director-General of Indian Council ... Read more »

Varroc Engineering up 8% as HDFC AMC ups shareholding

NEW DELHI: Shares of Varroc Engineering jumped almost 8 per cent on Thursday as HDFC Asset Management Company took a 0.58 per cent stake in the company through open market ... Read more »

Shoppers Stop rallies 20% after upbeat Q2 results

New Delhi: Shares of Shoppers Stop zoomed as much as 20 per cent on Thursday after the company reported a strong set of numbers in September 2021 quarter. The retail ... Read more »

UK borrowing halves in first half of tax year as Rishi Sunak readies budget

British public borrowing fell by around half in the first six months of the current financial year compared with a year earlier, when the economy faced the full force of ... Read more »

Green hydrogen to account for 20% of European power demand by 2050: Statkraft

Hydrogen produced from renewable energy sources will account for 20% of Europe’s power consumption in 2050, and for 10% globally, a report published by Norwegian power company Statkraft on Thursday ... Read more »

100 heritage monuments to be lit in colours of Indian flag to mark 100 crore COVID vaccination feat

The Archaeological Survey of India (ASI) will light up 100 of its heritage monuments in colours of the national flag to mark 100 crore COVID-19 vaccine doses being administered in ... Read more »

Over 103 crore COVID-19 vaccine doses provided to States, UTs: Centre

The government has provided more than 103.5 crore COVID-19 vaccine doses to States and union territories (UTs), said the Union Health Ministry on Thursday. A total of 1,03,53,51,045 vaccine doses ... Read more »

Gauri Lankesh murder: SC sets aside HC order quashing charge sheet against accused for KCOCA offences

The Supreme Court on Thursday set aside the Karnataka High Court order quashing the charge sheet against an accused in the murder of journalist Gauri Lankesh for purported offences under ... Read more »

Shah Rukh Khan meets Aryan Khan at Arthur Road jail

Actor Shah Rukh Khan paid a visit to his son Aryan who is lodged in Mumbai’s Arthur Road jail in a drugs haul case, on October 21. The the 23-year-old was arrested after ... Read more »

100 crore vaccination milestone: 61% Indian citizens willing to take third dose, finds survey

Source: AP As India achieved the 100 crore COVID-19 vaccine doses milestone, at least 61 percent of citizens have expressed willingness to take the third dose of COVID-19 vaccine, if ... Read more »

Havells slumps 7% on disappointing Q2 results

NEW DELHI: Shares of Havells India slumped more than 7 per cent in early trading Mumbai on Thursday as the consumer electrical goods maker posted a 7.34 per cent fall ... Read more »

Why Indian Doctors Are Taking Booster Shots Of COVID-19 Vaccine

Ever since the pandemic first struck, doctors and healthcare workers have emerged as our first line of defence against infection. Their contributions have been widely reported and lauded. Some of ... Read more »

MG Motor India sells out first batch of SUV Astor within 20 minutes of opening bookings

MG Motor India – the British brand owned by China’s SAIC – has sold out the first batch of SUV Astor within 20 mins of opening booking Thursday. Deliveries for ... Read more »

Uttarakhand flash floods and landslides: Death toll mounts to 54, five missing

Flash floods and landslides caused by heavy rains in Uttarakhand have claimed the lives of 54 people in the last few days. A total of 19 people have sustained injuries ... Read more »

Achieved 100 crore COVID-19 vaccinations through collective effort, says Bhupender Yadav

Union Minister for Environment, Forest and Climate Change Bhupender Yadav on Thursday said the landmark of 100 crore COVID-19 vaccinations has been achieved through collective effort. “Today we’ve achieved 100 ... Read more »

The hydra-headed monster that wants to gatecrash your retirement party

Fixed deposits or FDs, the play-safe savings investment bet for many Indians, now fetch a negative return due to high inflation. That is, the interest you earn on your FD ... Read more »

L&T Finance Holdings sheds almost 5% after dip in Q2 profit

NEW DELHI: Shares of L&T Finance Holdings dropped almost 5 per cent in early Mumbai trading Thursday as the non-banking financial company reported a fall of 10 per cent in ... Read more »

Cruise drugs case: Bombay HC to hear Aryan Khan's bail plea on October 26

The Bombay High Court on Thursday said it would hear on October 26 the bail plea filed by Aryan Khan, son of superstar Shah Rukh Khan, in connection with a ... Read more »

Jhunjhunwalas hike stake in Titan for first time since Dec 2019

NEW DELHI: The jhunjhunwala duo, Rakesh and his better half Rekha, bought Titan Company shares in September quarter on a net basis for the first time since December quarter of ... Read more »

India's vaccination drive outpaces most countries as it breaches 100 crore inoculation mark

With an uptick in the world’s largest vaccination drive against COVID-19, India on Thursday crossed inoculation of 100 crore vaccine doses, according to the Ministry of Health and Family Welfare. ... Read more »

Online abuse: Banning anonymous social media accounts is not the answer

In the wake of the tragic death of the member of parliament for Southend West, David Amess, fellow MPs have been talking about how to best protect both politicians and ... Read more »

China: Crunch time for Evergrande as unit sale collapses

The collapse of China Evergrande’s planned $2.5 billion sale of a property services unit has left the troubled company closer than ever to its end, ramping up fears it will ... Read more »

COVID-19 Vaccine Tracker: India achieves 100-crore-vaccinations milestone on October 21

Representative image. India has achieved the milestone of 100 crore (one billion) vaccinations on October 21. India accounts for about 15 percent of the total vaccine doses administered worldwide as ... Read more »

'India scripts history,' PM Modi says, as nation reaches 100-crore COVID jab milestone

Prime Minister Narendra Modi. As India reached an extraordinary milestone of giving away 100 crore COVID-19 vaccine doses on October 21, Prime Minister Narendra Modi congratulated the nation and expressed gratitude to ... Read more »

India sees over 18,000 new COVID-19 cases, 160 deaths

A single-day rise of 18,454 fresh cases pushed India’s COVID-19 tally to 3,41,27,450, while the number of active infections rose to 1,78,831, according to the Union Health Ministry data updated ... Read more »

Union Health Minister Mansukh Mandaviya congratulates nation as COVID-19 vaccinations cross 100 cr mark

Union Health Minister Mansukh Mandaviya on Thursday congratulated the citizens of India on crossing 100 crore COVID-19 vaccination coverage and attributed the achievement to Prime Minister Narendra Modi. “Congratulations India! ... Read more »

Dolly Khanna buys this media stock amidst speculations over takeover by Adani Group

New Delhi: Amid speculations in the market that the Adani Group is eyeing NDTV, seasoned investor Dolly Khanna has bought a fresh stake in the media stock. As per the ... Read more »

China Evergrande secures extension on defaulted $260 mln bond -REDD

China Evergrande Group has secured an extension on a defaulted bond, financial provider REDD reported on Thursday, offering rare respite to the developer a day after a deal to sell ... Read more »

Sensex, Nifty rise in early trade; selling in IT shares keep upside capped

NEW DELHI: Domestic stocks were off to a positive start on Thursday, tracking a firm trend across Asian markets. Upside was, however, capped as investors were cautious over Brent crude ... Read more »

Cruise drugs case: Shah Rukh Khan meets son Aryan Khan in Mumbai jail

Bollywood superstar Shah Rukh Khan on Thursday met his son Aryan Khan at the Arthur Road jail in Mumbai where the latter has been lodged following arrest in a case ... Read more »

India crosses record one billion jabs

India has crossed the milestone of administering one billion Covid-19 vaccines, nine months after the second most populous country in the world initiated this mammoth movement. On social media platforms, ... Read more »

Government to mark big billion jabs milestone with India's largest khadi tricolour, illumination, song

Since the beginning of the country’s vaccination drive, 69.26 crore people have received at least one dose of Covid-19 vaccine, and 27.88 crore are fully vaccinated. (Representative image) India has ... Read more »

100 crore COVID-19 vaccines: These Indian states administered the most doses

A healthcare worker gives a dose of the COVISHIELD vaccine against the coronavirus disease (COVID-19), manufactured by Serum Institute of India, to a farmer in his field, during a door-to-door ... Read more »
On free-english-test.com you will find lots of free English exam practice materials to help you improve your English skills: grammar, listening, reading, writing, ielts, toeic