RBI Looking at HDFC Bank Net Banking Glitches, Says Deputy Guv MK Jain

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Mumbai: A Reserve Bank team is analysing the reasons behind the crash of online banking facility of HDFC Bank for two consecutive days this week, deputy governor MK Jain said on Thursday.

The customers of the largest private sector lender faced problems to access their accounts online on Monday and Tuesday. The bank attributed the problems to a technical glitch, but timing of the problem–at a time when salaries were credited–made the going difficult for many.

“Our team has gone to really identify the reasons and find out what we can give them (HDFC Bank) as a direction,” Jain told reporters at the customary post-policy presser.

Jain, while replying to a question on whether RBI is considering a framework for penalising such banks, did not name HDFC Bank, though.

He said RBI is cognizant of the problem and explained that technical glitches had resulted in online banking getting impacted on Monday.

He also said there were media reports again on Tuesday that the glitches were continuing, and made it clear that the services have now been “restored fully”.

The city-headquartered lender has the highest number of salary accounts and its clientele includes 2.9 crore debit cardholders and 1.3 crore credit card customers.

The bank has in the past claimed that a majority of its customers use online banking and other digital means for banking. After the services went down, irate customers took to social media platforms to vent their ire at the bank.

It can be noted that HDFC Bank customers had also faced difficulties in accessing accounts a year ago when it introduced a new version of its mobile app.

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