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Earlier this year, HDFC Bank, touted as the country’s largest private sector lender, and ICICI Bank experienced significant tech outages in their digital operations. Additionally, customers of HDFC Bank, ICICI Bank, Yes Bank, Bank of Baroda and IDFC First Bank (NASDAQ:FRBA) reported technical problems during the Retail digital rupee pilot.
The recent wave of tech issues plaguing the banking sector has put a spotlight on the importance of robust and reliable digital services. With Bandhan Bank’s successful transition to a new platform, it remains to be seen how other banks respond to these ongoing challenges.
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