In keeping with an ET report, the RBI goals to deal with the difficulty of service outages in web banking and different fee channels by providing extra transparency and real-time data to prospects.
An official, who wished to stay nameless, acknowledged that the brand new portal may also embody data on the provision of facilitation channels equivalent to web banking purposes, cellular banking, and different fee and settlement programs like RTGS, NEFT, and UPI.Moreover, a financial institution govt talked about that the RBI intends to supply prospects with real-time updates on outages, enabling them to conduct transactions by different fee strategies. This may also encourage banks to promptly handle the difficulty by an incident response plan and enhance system capability administration.
Banks have been requested to tell the regulator whether or not a typical platform could be established or if particular person banks ought to have their very own platforms.
Complaints in opposition to banks
The identical financial institution govt defined that typically, financial institution outages can happen as a result of failure of IT programs, that are outsourced to third-party distributors. This initiative will guarantee better oversight of those entities, the chief mentioned.
Service outages have been a persistent challenge for banks worldwide. Earlier this 12 months, Canadian financial institution Laurentian changed its CEO following an IT outage. The brand new administration’s rapid focus was to mitigate the impression of a mainframe outage that occurred throughout a deliberate IT upkeep replace.
In 2020, the RBI quickly halted HDFC Financial institution, a non-public lender, from launching any new digital enterprise actions underneath its ‘Digital 2.0’ program and buying new bank card prospects. This motion was taken resulting from incidents of outages in web banking, cellular banking, and fee utilities skilled by the financial institution’s prospects. The restrictions had been lifted in March 2022.
