The Reserve Bank of India (RBI) has clarified that due to the widespread global outage on Friday affecting IT systems globally, ten Indian banks and non-bank financing companies (NBFCs) experienced minor disruptions, all of which have either been resolved or are currently being resolved.
Additionally, the RBI stated that overall, the Indian financial sector in the Reserve Bank’s domain remains insulated from the global outage.
“The Reserve Bank has made an assessment of the impact of this outage on its regulated entities. Critical systems of most banks are not in the cloud and further, only a few banks are using the CrowdStrike tool,” the RBI said in a statement on Friday evening.
“Our assessment shows that only ten banks and NBFCs had minor disruptions which have either been resolved or are being resolved,” the statement added.
Additionally, the RBI has issued an advisory to its regulated entities to take necessary steps to remain alert and ensure operational resilience and continuity.
Banking services in India largely remained unaffected by the global tech outage. Two of the largest banks in India categorically stated that their services were not interrupted during the outage. Several other banks also unofficially indicated the same.
“HDFC Bank confirms that its systems are unaffected by the global outage. There is no impact on banking operations,” said Ramesh Lakshminarayan, CIO & Group Head – IT, HDFC Bank. Meanwhile, State Bank of India (SBI) chairman Dinesh Khara stated that their systems were not affected by the Microsoft outage.
India’s flagship payments platform, Unified Payments Interface (UPI), continued to operate without disruption during the global tech outage, ensuring normal processing of payments.
First Published: Jul 19 2024 | 6:02 PM IS