HDFC Bank Hits Record High After RBI Appoints Firm To Audit IT Operations
HDFC Bank shares rose as much as 7 per cent to hit record high of Rs 1,578 on the BSE after the bank informed exchanges that the Reserve Bank of India has appointed a professional information technology (IT) company to audit its IT operations after the bank in December was asked to stop all launches of its upcoming digital business-generating activities. HDFC Bank shares were witnessing higher than usual trading volumes on the BSE. As many as 7.92 HDFC Bank shares changed hands on the BSE compared with an average of 4.80 lakh shares traded daily in the past two weeks, data from BSE showed. (Track HDFC Bank stock price here)
On December 2, 2020, the Reserve Bank of India asked HDFC Bank to temporarily stop all launches of its upcoming digital business-generating activities and sourcing of new credit card customers after outage at its data centre which impacted operations in November.
RBI had asked the bank's board to examine the lapses and fix accountability, the HDFC Bank stated in a stock exchange filing on Thursday, December 3.
On November 21, the digital payments business of HDFC Bank was down for more than 12 hours, following a power outage in its primary data centre and after that RBI advised the bank to temporarily stop all launches of its digital business generating activities planned under Digital 2.0 and other proposed business generating IT applications, and secondly, halt the sourcing of new credit card customers.
Meanwhile, with the RBI appointing the IT company to audit its technology operations is positive for the country's largest private sector lender.
As of 12:51 pm, HDFC Bank shares traded 5.58 per cent higher at Rs 1,559 leading the Sensex rally by contributing over 300 points to the BSE 30-share index. HDFC Bank's market capitalisation touched record high of Rs 8.59 lakh crore.
-
Unhedged Position: Can India See An Indonesia-Style Time Correction?
The Nifty is trading below levels it first clocked in 2024. Is there, then, as I have suggested in the headline, potential that the current time correction drags on painfully for the next three-five, even ten years?
-
Navigating Friction And Energy Realities: An Analysis Of Marco Rubio's October Visit To India
Occurring at a critical juncture marked by stalled trade negotiations and escalating geopolitical pressures over global energy supplies, the visit offers a profound window into modern US-India relations.
-
India Exports Capital. Why Not Export Trusteeship?
The big question, then, is whether India can build an institution that global borrowers, investors, banks, and lawyers can trust, even without an Indian connection.
-
France's Economy & Politics Are In Crisis | The Reason Why
Let's look at how the French economy and politics evolved under Nicolas Sarkozy, Franois Hollande and Emmanuel Macron.
-
You May Inherit The Business. You Must Earn Its Credibility.
Succession tests the founder's ability to share authority as much as it tests the next generation's readiness to assume it.
-
Signing Deals Is One Thing; Making Them Work Is Another | The Week In Whys
Sometimes, things don't turn out as planned. Indian companies have lost some bids to rivals, some projects won't produce until 2030.
-
FOMC Wall, PERM Suspension, Hospital Stocks | Talking Points This Week
A PERM suspension would directly affect green-card sponsorship rather than H-1B visas, so the near-term earnings impact could remain relatively limited. The key question is whether this marks a new phase in US scrutiny of Indian IT.
-
Everything, Everywhere, All At Once: Dalal Street's Week To Forget | Joining The Dots
Visa curbs, a Starlink spat and cancer drug caps: what connects this week's shocks for Indian markets
-
India Is Going Abroad For Critical Minerals. But It May Take Years To Pay Off | The Reason Why
Although India's steps are in the right direction, they remain modest compared with India's growing dependence.
-
When Everyone Has AI, What Gives You An Edge?
India's young workforce is entering an uncertain world of work where powerful AI tools are becoming widely accessible. The advantage will belong to those who combine deep expertise with digital fluency, and the distinctly human capabilities that technology cannot manufacture.
