InvestorQ : How is HDFC bank planning to get back its digital mojo after the recent card issue ban?
Anamika Sodhani made post

How is HDFC bank planning to get back its digital mojo after the recent card issue ban?

Answer
image
Angel dcosta answered.
6 months ago
Follow

HDFC Bank had been barred from taking on fresh credit card accounts after it had reported a series of network outages. The bank has now confirmed that this was not on account of its inability to handle large volumes of transactions at all. The bank is currently in touch with the RBI for early revocation of the ban so that it can get back to business as usual. The ban on new card accounts and fresh digital services exists since December 2020.

The bank has noted that it had started an initiative to upgrade its technology more than a year before the ban came in place. However, HDFC Bank has also conceded that due to some of the legacy systems, it would not be possible for them to entirely get rid of the outages. The bank had recently brought in Lakshminarayanan as the head of information technology to spruce up its systems.

HDFC Bank is also thinking its strategy inside-out and is simultaneously working with big cloud services providers, Fintech players as well as very niche and focused start-ups in the payment space. Digital problems get compounded for HDFC bank because it has an overwhelming presence in the digital payment segment as well as the internet banking space. However, RBI has not been comfortable with bank customers held at ransom.

1 Views