Business

‘HDFC Bank’s digital outages credit negative’

The Reserve Bank of India’s action in response to weaknesses in HDFC Bank’s digital infrastructure and operational resilience is credit negative because the bank is increasingly relying on digital channels to source and service its customers, Moody’s said in a report.

“The recurring outages also risk hurting the bank’s brand perception among a growing and increasingly digitally-savvy customer base, and increases the potential that clients switch to other banks, which would lead to a reduction in revenue and low-cost retail funding,” the credit rating agency said.


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Printable version | Jun 15, 2021 3:01:17 PM | https://www.thehindu.com/business/hdfc-banks-digital-outages-credit-negative/article33272934.ece

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