I won’t call it a fiasco, rather indifference.
We have seen that majority of the lenders regardless of their cachet have been found wanting (HDFC, Bajajfin, Kotak, many PSUs) in their IT infrastructure.
And it’s not a problem specific to India. Globally also many banks are running on legacy IT platforms and, for reasons best known to them, have put their infrastructure modernization on backburner. I faced many problems with a big international bank (including a recent fraudulent transaction on my credit card) and I moved my account to another bank.
In India, if every bank is found deficient, consumers don’t have any option but to put with all the risks and inconvenience. So it’s a very welcome step from RBI to crack down on this nonchalance from banks and full marks to them for being alert to such deficiencies in the system.
For banks, these are not tough problems to fix; they just needed a bit of rap on the knuckles.
HDFC and Bajajfin fixed their issues within 2-3 quarters. Recently Bank of Baroda did the same.
And I’m sure Kotak will get it done too sooner than later.
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