RBI hires IT firm to conduct audit of IT infrastructure of HDFC Bank

Reserve Bank of India (RBI) has appointed an IT firm to conduct audit of the entire IT infrastructure of HDFC Bank.
HDFC BankThe development follows outage in HDFC Bank’s internet banking and payment system on November 21, 2020 due to a power failure in the primary data centre.

HDFC Bank in November 2020 announced the appointment of Ramesh Lakshminarayanan as the chief information officer (CIO) responsible for technology strategy, strengthening foundational technology, enhancing the digital capabilities and harnessing new age AI/ML technology solutions for the bank. He joined HDFC Bank from Crisil.

“RBI has appointed an external professional IT firm for carrying out special audit of the IT infrastructure of the Bank under Section 30 (1-B) of the Banking Regulation Act, 1949 (the Act), at the cost of the Bank under Section 30 (1-C) of the Act,” HDFC Bank said in a regulatory filing.

RBI in December asked HDFC Bank to stop all launches of the digital business generating activities and sourcing of new credit card customers, after outages in the bank’s online facilities or payment utilities occurred over the past 2 years, including the incident in the internet banking and payment system on November 21, due to a power failure in the primary data centre.

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