HDFC embarks on technology transformation
Having faced multiple episodes of digital banking glitches in the last two years, HDFC Bank has embarked on a ‘Technology Transformation Agenda’ to provide safe and secure banking services to its customers.
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New Delhi: Having faced multiple episodes of digital banking glitches in the last two years, HDFC Bank has embarked on a 'Technology Transformation Agenda' to provide safe and secure banking services to its customers.
HDFC Bank managing director Sashi Jagdishan in a letter to employees said the bank has faced five instances of downtime in last 28 months and every instance has hardened the bank's resolve to do better, keeping customers in mind. It is to be noted that the RBI temporarily barred HDFC bank in December 2020, from launching new digital banking initiatives and issuing new credit cards after taking a serious note of service outages at the lender over the last two years. The bank was penalised by the RBI for two major outages, one in November 2018, and the other in December 2019.
Taking a stern view of the repeated outages, RBI Governor Shaktikanta Das had said in December that the regulator had some concerns about certain deficiencies and it was necessary that HDFC bank strengthens its IT system before expanding further. Following this, the bank embarked on a scale changing technology adoption and transformation agenda to help drive future growth plans.
Giving details of the Technology Transformation Agenda, Jagdishan said that the bank has invested heavily in the infrastructure to handle any potential load that it might encounter in the next 3 to 5 years.
