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HDFC Customers Faces Technical Glitches December 07 2020HDFC bank, online banking, transactions, HDFC

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HDFC Bank customers reported issues with their net banking and digital payments. Many were unable to carry out successful transactions, although others went so far as to state that they could not withdraw cash from ATMs.

According to India’s largest private sector lender, there had been an outage at one of its data centres which had left certain services disrupted. However, HDFC Bank has not disclosed the cause of the failure of the data centre, whether it is due to internal or external factors, whether it is a failure or sabotage. The Reserve Bank of India (RBI) has asked the bank to provide additional details.

This is not the first time these difficulties have been encountered by the lender''s clients. The bank launched a redesigned version of its mobile banking application a year ago. Yet its clients were struggling to log on to it. That forced the bank to pull back and restore the old version of the new application.

It is a huge deal for a Tier 1 bank to have clients unable to reach their accounts for two days. Technology is now fundamental to banking, so any problems there would lead not only to a loss in the value of the brand, but also in revenue. On social media, we are already seeing consumers complaining. We would definitely see some defections because of these problems. When a bank faces an unexpected technical challenge, a contingency plan to deal with the crisis is in place. However, the strategy seems to have failed in this situation, leading to customers facing these problems, the consultant said, speaking on terms of anonymity.

The country''s largest private lender is HDFC Bank. It holds deposits above Rs 9 lakh crore and is one of the largest providers of wage accounts. Almost 92 percent of customer-initiated transactions were via the internet and mobile networks, according to a presentation on its website. The branch network accounted for just 4% of the transactions.

The banking sector was strongly focused on digital transformation and digital disruption even before COVID-19 shook up corporate practices and derailed personal lives. Experts cautioned that banks should plan for anything from start-ups offering 24-7 services to financial technology companies and pure technology companies disrupting the market for financial services. How do these companies compete with other banks without this preparation?

Now, catalysed by the global pandemic, it''s important for banks to refocus. Digital disruption issues and non-traditional rivalry are no longer the focus. How well banks innovate and remain ahead of the technical curve would decide future success.

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Prevent Unauthorized Transactions in your demat and trading account --> Update your Mobile Number/Email id with your Depository Participant and Stock Broker. Receive alerts on your Registered Mobile for all debit and other important transactions in your demat/trading account directly from CDSL and Stock Exchanges on the same day.........issued in the interest of investors...

1. Stock Brokers can accept securities as margin from clients only by way of pledge in the depository system w.e.f. September 1, 2020.

2. Update your Mobile Number & Email Id with your Stock Broker/ Depository Participant and receive OTP directly from Depository on your Email Id and/ or Mobile Number to create pledge.

3. Pay 20% upfront margin of the transaction value to trade in cash market segment.

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5. Check your Securities/ MF/ Bonds in the Consolidated Account Statement issued by NSDL/ CDSL every month.

"As per the directives of CDSL and esteemed Exchanges, it has been made mandatory for every client to furnish their latest KYC details viz. Valid Mobile No., Email- Id & Income range on or before 31.05.2021 else your Account will be marked as Non Compliant and will be Freezed till the compliance of such requirement."
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