RBI Asks HDFC Bank To Stop Digital Launches, New Credit Cards
04 Décembre, 2020, 11:26 | Auteur: Auguste Feret
"We have taken help of external expertise, understood what needs to be done further and have substantially implemented the inputs to strengthen our IT infrastructure and systems", Jagdishan said in a letter to customers.
The notification adds that the regulator's order asks the lender's board of directors to examine the lapses and "fix accountability".
The RBI asked HDFC Bank to temporarily halt sourcing new credit cards and stop the launch of its digital business-generating activities planned under Digital 2.0 and other proposed business generating IT applications. And sometimes, we have not been able to live up to your expectations.
The recent outage hit customers as the bank's ATMs, cards, net banking, and even its UPI channels were not functioning normally. "There is intense competition from industry and new players such as payments banks to keep introducing new products".
"We will work with the experts and the regulator to fortify the identified areas for improvement".
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Just on November 21, customers complained of the payment stack being inoperative.
Rival State Bank of India had to face the ire of customers earlier this week because of transaction failures. The SBI had faced technical glitches in the previous month as well.
The bank claims the order will not impact existing credit cards, digital banking channels or existing operations.
The regulator issued an order with respect to "certain incidents of outages in internet banking/mobile banking/payment utilities" of the bank over the past two years. "Press releases issued by the bank from November 27 to December 5 clearly highlight the priorities of its PR department: it issued releases for the bank being selected for 'Best MSE Bank (Private Sector)', launch of a co-branded credit card, and partnering with a startup, but studiously avoided any mention of the failure of its digital platform", notes research analyst Hemindra Hazari.
"While the system loan growth has been at 5 per cent, HDFC Bank has grown its loan book at a level of 16-17 per cent, nearly three times and this comes on the back of a 10 per cent market share". Added to that, it has a market share of 35-40 per cent in payments. The company saw cards-in force growing 3.8 percent QoQ/16 percent YoY to 11 million buoyed by daily average new accounts acquisition retreating at 98 percent of pre-COVID levels.
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