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HDFC Bank says some customers unable to use their netbanking accounts, working on quick resolution

Late last year too, HDFC Bank had reported problems in its digital channels inviting RBI's attention

March 30, 2021 / 01:53 PM IST
HDFC Bank's Internet Banking customers have faced issues multiple times over the past year

HDFC Bank's Internet Banking customers have faced issues multiple times over the past year

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Private sector lender, HDFC Bank on Tuesday said some of its customers are facing issues in accessing its digital banking channels and the bank is looking into the problem.

The bank has communicated the problem to its customers.

"Some customers are facing intermittent issues accessing our NetBanking/MobileBanking App. We are looking into it on priority for resolution. We apologize for the inconvenience and request you to try again after some time. Thank you," the bank tweeted on Tuesday.

On December 3, HDFC Bank said that the RBI asked the bank to temporarily stop all launches under its Digital 2.0 initiative and stop sourcing new credit card customers. The announcement came after the bank experienced multiple outage in its internet banking, mobile banking and payment utility services over the past two years.

Later, the bank said it has submitted a detailed plan to resolve the technical glitches, Moneycontrol reported on January 19. The short-term plan is aimed at fixing the technical issues that led to a recent multiple outages on HDFC Bank’s digital banking channels, the report said.

It couldn’t be immediately ascertained on whether the RBI has reverted to the bank following this plan. In a letter to customers, HDFC Bank’s CEO Sashidhar Jagdishan, in December, said the bank will comply with the RBI regulations and will wait for the regulator’s clearance before launching new products. HDFC Bank’s digital outages are credit negative, global rating agency Moody’s said on December 7.

To be sure, HDFC Bank is not the only lender which has faced digital outage. Last year, State Bank of India’s YONO app, which is a platform for various digital transactions, too faced prolonged technical glitches. The bank has addressed the problem subsequently.

Banks are now turning aggressive on digital banking channels to reduce the dependency on traditional brick and mortar models and catch the younger generation who are more tech-savvy. As against the traditional banking, digital transactions are more convenient and most of these can be done round the clock.

The multiple reports of digital outage, the RBI had looked at the matter and sought details from the bank. Recently, RBI Governor Shaktikanta Das said that banks must invest more in building robust IT platforms to fortify public confidence in digital banking.

Digital transactions are gaining momentum. Recently, the RBI had made the Real Time Gross Settlement System (RTGS) available round the clock on all days from 12.30 AM December 14. With this, India became one of the few countries in the world to operate its RTGS system round the clock throughout the year.

This came within a year of operationalising NEFT 24x7 by the RBI, the central bank said. Transactions worth a minimum of Rs 2 lakh or more can be done via RTGS with no maximum ceiling as per RBI.

Dinesh Unnikrishnan
Dinesh Unnikrishnan
first published: Mar 30, 2021 01:29 pm