Latest News

10 Banks in India faced minor disruptions due to Microsoft Outage


➡️ Click here to join our Whatsapp Group

On Friday, a widespread global IT outage caused disruptions across various sectors, including banking. Millions of Windows users across the globe today experienced the Blue Screen of Death (BSOD) error which caused the system to suddenly shut down or restart. The Microsoft error, caused due to a CrowdStrike ‘Falcon Sensor’ update, affected airlines banks, stock markets, and other businesses across the globe.

Due to global outage, today handwritten boarding passes were given to airline passengers.

However, the Reserve Bank of India (RBI) has swiftly responded to reassure the public and stakeholders about the situation’s impact on Indian financial institutions.

According to the RBI, ten banks and non-banking financial companies (NBFCs) in India reported minor disruptions due to the global outage. The good news is that these issues have either been resolved or are currently being addressed. Importantly, the RBI emphasized that the Indian financial sector under its purview remains largely insulated from such global disruptions.

In a statement released Friday evening, the RBI clarified their assessment of the situation. They highlighted that critical banking systems in India are predominantly not cloud-based, and only a few institutions utilize the CrowdStrike tool. This limited exposure contributed to containing the impact to a handful of entities.

Furthermore, the RBI issued an advisory to all regulated entities to maintain vigilance and ensure operational resilience amidst potential disruptions. Despite the global tech issues, banking services across India remained largely unaffected. Major players like HDFC Bank and State Bank of India confirmed that their operations continued smoothly without interruption.

Ramesh Lakshminarayan, CIO & Group Head – IT at HDFC Bank, affirmed, “HDFC Bank confirms that its systems are unaffected by the global outage. There is no impact on banking operations.” Meanwhile, Dinesh Khara, Chairman of SBI, reassured customers that their systems were also not affected.

Even the Unified Payments Interface (UPI), India’s flagship digital payments platform, operated normally throughout the outage, ensuring seamless transactions for users.

Overall, while the global IT outage caused minor disruptions for a few Indian financial institutions, prompt action and robust systems have mitigated any significant impact on banking services in the country. The RBI’s proactive measures and the resilience of Indian banks have underscored the stability and reliability of the financial sector during challenging times.

Leave a Reply

Your email address will not be published. Required fields are marked *