RBI appointed firm to perform IT audit on HDFC Bank

RBI appointed firm to perform IT audit on HDFC Bank

Country’s largest private lender HDFC Bank on Tuesday stated that the Reserve Bank of India (RBI) has appointed an external firm fir conducting a special audit of the entire IT infrastructure of the bank.

Earlier, HDFC Bank was directed by the RBI to halt its new digital banking initiatives and stop issuance of new credit cards until it addresses the shortcomings that led to a series of glitches. The lender’s e-banking service faced three major outages since 2018, because of which the customers had to face inconvenience. Days after issuance of the order, RBI governor Shaktikanta Das had hinted that it does not take the inconvenience faced by the customers lightly and asked financial institutions to spend more on information technology (IT) infrastructure.

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“…kindly note that RBI has appointed an external professional IT firm for carrying out a special audit of the entire IT infrastructure of the Bank under Section 30 (1-B) of the Banking Regulation Act, 1949 (‘the Act’), at the cost of the bank under Section 30 (1-C) of the Act,” it said.

The bank said it will be extending its cooperation to the RBI appointed external professional IT firm.

Last month, HDFC Bank said that it has provided a remedy plan on its e-banking outages to the regulator and expects the strategies will fall into place in 10-12 weeks, following which it will be requesting an inspection by the regulator.

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