The Reserve Bank of India (RBI) has issued an order on December 2 to HDFC Bank with regards to incidents of outage in its internet banking, mobile banking, and payment utility services over the past two years.
In its order, the RBI has advised the bank to firstly temporarily stop all launches of its digital business generating activities planned under Digital 2.0 and other proposed business generating IT applications, and secondly halt sourcing of new credit card customers.
The order also states that HDFC Bank’s board must examine the lapses and fix accountability.
“The above measures shall be considered for lifting upon satisfactory compliance with the major critical observations as identified by the RBI,” it added.
“The Bank has always endeavoured to provide seamless digital banking services to its customers and has been taking conscious, concrete steps to remedy the recent outages on its digital banking channels,” the order concluded.