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Online banking restored: HDFC Bank

Responding to customers, the bank said that the “technical glitch” has been rectified. “Our net banking and mobile banking platforms have now stabilised,” the lender said.

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Updated: Dec 05, 2019, 11.32 AM IST
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(This story originally appeared in on Dec 05, 2019)
MUMBAI: HDFC Bank on Wednesday said that normalcy has been restored to its net banking and a “glitch” that affected its online services for nearly three days has been resolved.

Responding to customers, the bank said that the “technical glitch” has been rectified. “Our net banking and mobile banking platforms have now stabilised,” the lender said.

Suresh Ganapathy, research analyst, Macquarie, speculated that the disruption was due to additional security measures. “They introduced additional firewall as security gate and that couldn’t take the load of transactions. Each transaction has to go through 8 security gates. Unfortunately, the new enhanced firewall hasn’t been able to take the load — This perhaps could be the problem in our view,” he said in a note.

The note highlighted the impact a technical problem could have for someone with the scale of HDFC Bank. “HDFC Bank dominates the payment space. Nearly 40% of the swipes that happen across point of sale terminals and 45-50% of the e-commerce transactions that happen go through the HDFC Bank payment network,” the note said.

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