HDFC Bank Plunges 4% as Internet Banking Witnesses Another Problem Despite RBI Warning


Another outage was reported at the largest private lender, HDFC Bank Internet Services. Some customers have reported issues to the bank accessing its online banking and m-banking services. However, HDFC Bank, which has already reported a series of outages over the past two years, posted massive stock market profits on Wednesday.

At around 11:46 a.m., HDFC Bank is trading at Rs 1,493.95 per coin, down from Rs 59.60 or 3.84% on Sensex.

The stock has already plunged more than 4% hitting an intraday low of Rs1487.50 per coin on Sensex in early trades.

On Tuesday, HDFC Bank via its Twitter account said, “Some customers are having intermittent problems accessing our NetBanking / MobileBanking application. “

However, the bank was able to resolve the issue later today.

“The problem that some of our customers have experienced in accessing the NetBanking / MobileBanking application is resolved,” HDFC Bank added later on Tuesday.

Last month, the Reserve Bank of India (RBI) appointed an external IT company to conduct a special audit of the entire IT infrastructure of the Bank under Article 30 (1-B) of the Banking Regulation Act, 1949 (“the Act”), at the expense of the Bank under section 30 (1-C) of the Act.

These were some of the Bank’s Internet banking / mobile banking / payment outage incidents over the past 2 years, including the Bank’s recent Internet banking and payment system outages on November 21, 2020, due to a power outage in the main data center.

In early December 2020, RBI asks HDFC Bank to temporarily stop i) all launches of digital business generating activities planned under its program – Digital 2.0 (to be launched) and other proposed business generating IT applications and (ii) researching new credit card customers. In addition, the Ordinance specifies that the Bank Council examines breaches and establishes liability.


About Author

Comments are closed.