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'Time for HDFC Bank to focus on technology': Twitter users give thumbs up to RBI action

BusinessToday.In     December 3, 2020

Netizens lauded the Reserve Bank of India (RBI)'s decision to halt digital launches and new credit cards of the private lender on Thursday. A Twitter user wrote, "Hope the RBI order pushes HDFC Bank to improve its IT infra by leaps and bounds. Can't source more credit card customers for now...Good for other banks...HDFC indeed needs to up its game on the IT front".


Another user wrote that it's time for the HDFC Bank to focus on "Technology".


"What a great initiative from rbi to stop new credit card of HDFC...this bank is really fraud bank...not able to fix any customer issue," a user wrote on Twitter.




On Thursday, the central bank of India asked HDFC Bank Ltd to temporarily stop all launches of its upcoming digital business-generating activities and sourcing of new credit card customers, in view of the bank's frequent outages in its digital payment services.

"RBI has issued an order dated December 2, 2020, to HDFC Bank Ltd with regard to certain incidents of outages in the internet banking/ mobile banking/payment utilities of the bank over the past two years, including the recent outages in the bank''s internet banking and payment system on November 21, 2020, due to a power failure in the primary data centre," HDFC Bank said in a stock exchange filing on Thursday.

In addition, the RBI directed the bank board to examine the lapses and fix accountability.

On November 21, HDFC Bank's digital payments business was down for more than 12 hours, following a power outage in its primary data centre.

Also read: RBI stalls HDFC Bank's new digital businesses over outage

Also read: RBI tells HDFC Bank board to fix 'accountability', examine lapses

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