Money & Banking

Customers can transact with HDFC Bank without any concern, assures CEO

Our Bureau. Mumbai | Updated on December 03, 2020 Published on December 03, 2020

Sashidhar Jagdishan

HDFC Bank’s new Managing Director and CEO Sashidhar Jagdishan, on Thursday, assured existing customers that they can continue transactions and said the lender will launch new digital services after approval from the Reserve Bank of India.

“We take this opportunity to assure our existing customers that there is no reason to worry. You can continue to transact with the bank without any concern,” said Jagdishan in a message to customers, adding that the bank will work to ensure a smooth experience across its digital channels.

His comments came hours after HDFC Bank, in a regulatory filing, said the RBI has asked it to temporarily halt the sourcing of new credit card customers as well as the launch ofdigital business generating activities planned under its proposed Digital 2.0 programme.

“Some of our strategic digital initiatives to improve the front-end digital experience, improve digital origination, straight through processing, next generation of mobile and internet banking would now be readied and launched post the approval and clearance from regulator,” Jagdishan further said, adding that it will work with experts and the regulator to fortify the identified areas for improvement.


The bank had faced two outages – in November 2018 and December 2019 – said Jagdishan, adding that it has since then taken the help of external expertise, understood what needs to be done further, and has substantially implemented the inputs to strengthen IT infrastructure and systems.

“Unexpectedly another incident happened on November 21,and the primary reason for the same is the power outage in our Primary Data Centre,” he said, adding that the bank is also working “on war footing” to strengthen this area.

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Published on December 03, 2020
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