External IT firm appointed by RBI for special audit of the HDFC Bank’s IT infra

The Reserve Bank of India (RBI) has assigned an external professional IT firm to carry out a special audit of the HDFC bank’s IT infra. The audit cost will be borne by HDFC Bank itself.

This development came after the central bank noticed incidents of outages in the lender’s net/mobile/payment banking facilities.

“We refer to our intimation dated December 3, 2020, on the order issued by the Reserve Bank of India (RBI) dated December 2, 2020, 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. As an update to this Intimation, RBI has appointed an external professional IT firm for carrying out a special audit of the entire IT infrastructure of the bank under Section 30 (1-B) of the Banking Regulation Act, 1949 at the cost of the bank under Section 30 (1-C) of the Act,” the bank said.

The bank said it will accordingly extend its cooperation to the external professional IT firm so appointed by RBI for conducting the special IT audit.

In December 2020, HDFC Bank was hauled up by the regulator for a series of technical glitches it has experienced in the past two years. The Reserve Bank of India (RBI) had put temporary restrictions on the bank’s new digital banking launches. RBI had directed the bank’s board to examine the lapses and fix accountability, only after which RBI would consider lifting these restrictions

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