RBI investigating HDFC Bank net banking glitches: Deputy Guv MK Jain

 A Reserve Bank of India team is investigating the reasons responsible for the crash of the online banking facility of private lender HDFC Bank for two consecutive days this week, deputy governor MK Jain said.

RBi

The customers of the country’s largest private sector lender faced major problems in accessing their accounts online both on Monday and Tuesday. The bank cited the technical problems responsible behind the fiasco, but the timing of the problem at a time when salaries of consumers through their employers were supposed to be credited made it more difficult.

“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 also said that RBI is considering a framework for penalising such banks, but did not name HDFC Bank, though.

He said RBI is concerned about the problem and explained that technical glitches had resulted in impacting the online banking.

He said that there were media reports talking about the continuity of the problem on Tuesday, however, services have now been “restored fully”.

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