The bank expects RBI’s actions will not have any impact on its existing credit cards, digital banking channels and operations
A HDFC Bank branch at Virinchi Circle in Banjarahills, Hyderabad. (Credit: Adbh266/Wikipedia.)
The Reserve Bank of India (RBI) has advised the banking and financial services firm HDFC Bank to temporarily stop all of its digital launches and sourcing new credit card customers.
Through an exchange notification, HDFC said that RBI has advised to temporarily halt all the launches of digital business generating activities planned under its Digital 2.0 programme.
The Indian central bank has also restricted the bank’s other planned business generating IT applications, and sourcing of new credit card customers.
RBI actions related to outages in HDFC Bank’s operations
The measures taken by the RBI come in the wake of the certain incidents of outages in the internet banking, mobile banking, and payment functionalities of the bank since past two years, including the recent outages on 21 November 2020 due to a power failure in the primary data centre.
Furthermore, the bank said that it has been taking strong measures to address the recent outages on its digital banking channels.
The current supervisory actions are not expected to have any impact on its existing credit cards, digital banking channels and operations, it added.
HDFC Bank, in a regulatory filing, said: “The Bank over the last two years has taken several measures to fortify its IT systems and will continue to work swiftly to close out the balance and would continue to engage with the Regulator in this regard.”
On 11 November 2020, HDFC rolled out SmartHub Merchant Solutions 3.0, whish the claims to be the India’s first complete banking and payment solution for merchants.
The SmartHub Merchant Solutions 3.0 will enable merchants and self-employed professionals to open a current account instantly to begin accepting payments in-store, online, and on-the-go.
The bank is offering its SmartHub 3.0 in several forms, including app based, web based and also a range of PoS devices.