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HDFC Bank CEO Sashidhar Jagdishan apologises to customers; says bank working on war footing to resolve IT issues

Udaipur : After the RBI order asking HDFC Bank to temporarily stop any new digital banking launches and sourcing of new credit card, the bank’s MD and CEO Sashi Jagdishan has assured its customers that there is no reason to worry and they can continue to transact with the bank without any concern.

The RBI has put temporary restrictions on the bank’s new digital banking launches and proposed business generating IT applications until it resolves the outage issues.

“Many of you may have read / heard about the RBI order asking us to temporarily stop any new digital banking launches and sourcing of new credit card customers. We will comply with the regulator’s requirements,” said Jagdishan in a statement.

“We take this opportunity to assure our existing customers that there is no reason to worry. You can continue to transact with the Bank without any concern.”

Jagdishan said the bank had two outages, one in November 2018 and second one in December 2019 and it has taken help of external expertise, understood what needs to be done further and have substantially implemented the inputs to strengthen IT infrastructure and systems.

Unexpectedly another incident happened on November 21, 2020, and the primary reason for the same was the power outage in the bank’s Primary Data Centre, Jagdishan further said. “We are working on war footing to strengthen this area also now.”

“Some of our strategic digital initiatives to improve the front end digital experience, improve digital origination, straight through processing, next generation of mobile and internet banking, APIs based banking on the edge etc would now be readied and launched post the approval and clearance from regulator.”

“We will work with the experts and the regulator to fortify the identified areas for improvement. Internally, we are looking at this as an opportunity to further improve ourselves and emerge stronger.” “It is our commitment to you that we will leave no stone unturned in our quest to ensure a smooth experience for you all across our digital channels. We shall keep striving to further reinforce the trust you have reposed on us,” Jagdishan said.

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