The central bank of India has initiated an investigation to identify the causes of breakdown in HDFC net banking services.
Last week, a ‘technical glitch’ caused widespread failures in its online banking services for more than 48 hours. Subsequently, HDFC Bank acknowledged the issue and noted to have resolved the problem.
Go deeper with GlobalData
However, many customers continued to complain about problem while trying to access online services as late as day before yesterday.
According to local media reports, the Reserve Bank of India (RBI) has appointed a team of experts to investigate the outage. The team will determine the reasons for the failures and accordingly will update the central bank.
RBI deputy governor MK Jain confirmed the same in a press conference.
Jain was quoted by the Economic Times as saying: “Our team has gone to identify the reasons (for the breakdown) and find out what we can give as directions (to the bank).”
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataNotably, HDFC bank faced a similar outage late last year when the bank announced a new version of its app.
Headquartered in Mumbai, HDFC Bank is one of the leading private-sector banks in India. Currently, the bank boasts a network of 5,314 branches and 13,640 ATMs across the country.
The bank offers retail banking, whole banking and treasury services.
In October this year, HDFC Bank acquired a 9.89% stake in local peer Bandhan Bank. As part of the transaction, HDFC received around 159.3 million Bandhan Bank shares.
