In the last 28 months, HDFC has been in the spotlight for the wrong reasons when it comes to technology, said Sashidhar Jagdishan, the bank's new managing director and chief executive officer in the bank’s recently released annual report.

Jagdishan accepted that technology problems led to regulatory actions against the bank. He said, "Our last tech downtime led to Reserve Bank of India (RBI) banning us from issuing new credit cards, putting new digital launches under Digital 2.0 initiative on hold... As a bank, we are certainly sorry for what happened."

However, he pointed out that an audit of the bank's IT system, conducted by a third party, has been completed. The bank is currently awaiting RBI's decision on the bank's digital launches and issuing of credit cards.

"We have taken this as an opportunity to improve and redouble our efforts to fix this problem for good... We have now embarked on a scale changing technology adoption," added Jagdishan.

In terms of technology, Jagdishan has highlighted the bank's four focus areas. These include:

Infrastructure Scalability:

The bank, according to Jagdishan, is in the process of accelerating its cloud strategy.

Disaster Recovery Resiliency: Jagdishan says HDFC Bank has strengthened its process of monitoring Data Centre (DC) and has shifted key applications to a new DC to serve customers faster and quicker.

Security Enhancements: While pointing that the bank has had no history of security issues, Jagdishan said HDFC has further strengthened its firewalls.

Monitoring Mechanisms: An enhanced application monitoring mechanism has been put in place to keep IT systems activated, said Jagdishan.

Also Read: HDFC Bank CEO Sashi Jagdishan opens up on GPS auto loan controversy, RBI ban after tech outages

(Edited by : Yashi Gupta)

First Published:Jun 24, 2021 1:24 PM IST