HDFC BANK FACES DOWN ON PAYMENT

Private lender HDFC Bank on Monday once again faced intermittent issues in its delivery delivery with several users taking to social media to complain about problems in processing transactions. Several HDFC Bank users complained that they were unable to access either their net-banking or the mobile app.

Some other users also complained about failure in UPI related transactions. It could not be immediately determined what caused the issue but an HDFC Bank official said their IT teams were looking into it and the issue was not widespread. Some users have complained about facing difficulties in processing transactions, it’s not a widespread issue, our IT teams are looking into the issue to ensure smooth delivery of our services,” said a bank official. The bank also couldn’t launch any new digital initiatives. Last month, the Reserve Bank of India appointed an external IT firm for carrying out special audit of HDFC Bank’s IT infrastructure.

In December, CEO Sasidhar Jagdishan had apologised to customers for the disruptions and asked them to continue transacting with the bank. The RBI’s move was a blow to the bank’s ambition to expand its digital payments business, where it commands a 40% market share. HDFC Bank is a systemically important lender with a 10% share of the loans market and 26% of the credit card business. The regulator’s action followed the bank’s inability to fix the problem despite formal instructions over the past few years.

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