Reportedly the risks posed by technology were in full display for two days as the wallet PLATFORM' target='_blank' title='digital-Latest Updates, Photos, Videos are a click away, CLICK NOW'>digital banking channels of hdfc bank broke down putting millions of banking customers in difficulty. Meanwhile o customer could transact any banking work either using their computers or their mobile phones and the system was restored on tuesday according to the bank and the important thing being talked about now is what role can the bank OF INDIA' target='_blank' title='reserve bank of india-Latest Updates, Photos, Videos are a click away, CLICK NOW'>reserve bank of india play under such situations. Perhaps the question of HDFC’s system breakdown was raised at the RBI’s Monetary Policy media interaction and the Deputy governor of bank OF INDIA' target='_blank' title='rbi-Latest Updates, Photos, Videos are a click away, CLICK NOW'>rbi, MK Jain said a team from bank OF INDIA' target='_blank' title='rbi-Latest Updates, Photos, Videos are a click away, CLICK NOW'>rbi has been sent to hdfc to understand the reasons for the breakdown and they will await the report.

 

Apparently the matter assumes significance for more than one reason and one is in this particular case, hdfc happens to the largest private sector bank with 50 million customers, 90% of whom do their banking activities online. Moreover the failure of the bank’s computer system and that too for such long hours causes immense difficulty to the customers.

 

Reports added that the other is bank OF INDIA' target='_blank' title='rbi-Latest Updates, Photos, Videos are a click away, CLICK NOW'>rbi is now being asked if the bank can be penalised for this since it its their responsibility to get things right and have alternate arrangements in cases where breakdowns occur. Further one aspect being pointed out is the heavy traffic on hdfc Bank’s computer systems on payday as being one of the reasons for the breakdown and the system is possibly unable to bear the sudden surge in traffic and breaks down. The bank may have to invest in more powerful hardware to handle the increased traffic, it appears, if this is true.

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