Digital banking is seamless, swift and quick. Millions of customers are holding their smartphones for digital transactions every now and then. But this is the front end story. The RBI recently barred HDFC Bank , the country's largest private bank by market size from launching any new digital initiatives. This introduced us to the backend story of digital banking. What is going wrong with banks, digitally? HDFC Bank had a total of three outages by now. For the recent outage, they said the major reason is power outage at their data centre. Because of which RBI has barred the bank from digital launches. But in reality, RBI has strong guidelines for data centres. According to RBI guidelines every bank must have a proper Data Centre and Data Recovery Centre (DCDRC). Both should be in the same size and capacity. Also banks should check automatic failover and other technical issues every six months. Disaster recovery is basic hygiene. Tech experts I spoke to don't think this could be the major reason because no other bank faced any issue with their data centre due to power outage. Generally banks are advised to adopt Tier IV ranking infrastructure, which ensures zero single points… Read full this story
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