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RBI looking into reasons for digital banking outage at HDFC Bank

FE Bureau
RBI, HDFC Bank, digital banking, MK Jain, HDFC Bank net banking, Customers of HDFC Bank

The Reserve Bank of India (RBI) on Thursday said its team had gone to identify the reasons why HDFC Bank's net banking and mobile app were down for two consecutive days earlier this week. Responding to a query on whether RBI would come up with a framework to penalise banks for poor service, RBI deputy governor MK Jain said RBI was cognisant of the problem that happened on December 2 and it was because of technical glitches, which were resolved on Tuesday.

"There were some media reports that again customers were not able to access digital banking from that particular bank. We have checked it up and it has been restored fully. Our team has gone to identify the reasons and find out what we can give them as a direction," he added.

Customers of HDFC Bank were unable to access their accounts via either net banking or the app due to technical glitches. The problem persisted for two days. The downtime coincided with payday and consumers were not able to transact online. It was fixed after two days.