HDFC Bank to Hire More Workers Amid Repeated Online Outages
(Bloomberg) -- HDFC Bank Ltd. will set up digital and enterprise units to strengthen its online infrastructure and handle a larger volume of transactions after customers faced repeated outages.
The lender plans to hire as many as 500 people in the next two years for its “digital and enterprise factories,” it said in the statement. It has tied up with technology firms to move to a cloud-based architecture.
The announcement follows repeated glitches in HDFC Bank’s online platform that caused the Reserve Bank of India to ban the country’s most valuable lender in December from launching new digital products. The regulator appointed an external audit firm in February to look into the recurring outages. The RBI ban would lift after “satisfactory compliance,” the lender had said. The audit was in the final stages, the bank said in April.
Other top banks in the country including State Bank of India and ICICI Bank Ltd. have also faced online glitches as digital payments have jumped to a record high with the coronavirus pandemic dissuading consumers from going out and using cash.
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