General Announcement::Update

Issuer & Securities

Issuer/ Manager
HDFC BANK LIMITED
Securities
HDFCBANK INR23B 8.1%N250322 - XS1794215696 - 8NPB
Stapled Security
No

Announcement Details

Announcement Title
General Announcement
Date &Time of Broadcast
03-Dec-2020 14:19:30
Status
New
Announcement Sub Title
Update
Announcement Reference
SG201203OTHRFR6R
Submitted By (Co./ Ind. Name)
Dhanjit Thaivalappil
Designation
Asst Vice President
Description (Please provide a detailed description of the event in the box below)
We wish to inform you that the Reserve Bank of India (RBI) has issued an Order dated December 02, 2020 ( Order ) to HDFC Bank Limited (the Bank ) with regard to certain incidents of outages in the internet banking/ mobile banking/ payment utilities of the Bank over the past 2 years, including the recent outages in the Bank s internet banking and payment system on November 21, 2020 due to a power failure in the primary data centre. The RBI vide said Order has advised the Bank to temporarily stop i) all launches of the Digital Business generating activities planned under its program - Digital 2.0 (to be launched) and other proposed business generating IT applications and (ii) sourcing of new credit card customers. In addition, the Order states that the Bank s Board examines the lapses and fixes accountability.
The above measures shall be considered for lifting upon satisfactory compliance with the major critical observations as identified by the RBI.
The Bank over the last two years has taken several measures to fortify its IT systems and will continue to work swiftly to close out the balance and would continue to engage with the Regulator in this regard.
The Bank has always endeavored to provide seamless digital banking services to its customers. The Bank has been taking conscious, concrete steps to remedy the recent outages on its digital banking channels and assures its customers that it expects the current supervisory actions will have no impact on its existing credit cards, digital banking channels and existing operations. The Bank believes that these measures will not materially impact its overall business.
This is for your information and appropriate dissemination.

Attachments

SGXRBI.pdf
Total size =134K