The Reserve Bank of India has asked the Housing Development Finance Corporation, or the HDFC Bank, to temporarily halt all digital banking launches and stop sourcing new cards to customers, after the bank suffered multiple technical glitches over the past two years, the Hindustan Times reported on Thursday.
Shares of HDFC Bank fell over 2% to close at Rs 1,377.05 a piece on the Bombay Stock Exchange after reports of the RBI order was made public. Shares of its parent company, HDFC, a housing loan company also dipped by nearly 1% to close at Rs 2,253.90.
In a statement to the stock exchanges, the HDFC Bank said the RBI has issued an order dated December 2, with regard to “certain incidents of outages in internet banking/ mobile banking/ payment utilities of the bank over the past two 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”.
HDFC said that Reserve…