The deputy governor of the Reserve Bank of India, MK Jain said on Thursday that the central bank’s team is analysing the reasons behind the crash of online banking facility of HDFC Bank Ltd. for two consecutive days this week. Customers of HDFC Bank faced problems to access their accounts online both on Monday and Tuesday. The bank attributed the problem to a technical glitch, and it came at a time when salaries were being credited.

"Our team has gone to really identify the reasons and find out what we can give them (HDFC Bank) as a direction," Jain said at the customary post-policy presser. Jain however did not take the name of HDFC Bank while replying to a question on whether RBI is considering a framework for penalising such banks.

“RBI is cognizant of the problem and we understand that technical glitches had resulted in online banking getting impacted on Monday,” he said. He further said that he was aware of media reports stating that the glitches were continuing on Tuesday as well, and made it clear that the services have now been "restored fully".

The country’s largest private sector lender has the highest number of salary accounts and its clientele includes 2.9 crore debit cardholders and 1.3 crore credit card customers. According to the bank, a majority of its customers use online banking and other digital means for banking. After the services went down, angry customers took to social media platforms to vent their ire at the bank.

HDFC Bank customers was facing similar challenges a year ago too when it introduced a new version of its mobile app.

RBI Monetary Policy - Key Takeaways

* Repo rate unchanged at 5.15%

* Reverse repo rate stays unchanged at 4.90%

* MSF, Bank Rate unchanged at 5.40%

* MPC unanimously votes for status quo on repo rate

* Based on CPI-GDP dynamics, MPC felt pause was appropriate

* MPC recognises "there is monetary policy space for future"

POLICY STANCE

* MPC to continue with accommodative stance

* MPC's accommodative stance "as long as it is necessary"

* MPC stance aimed to revive growth while ensuring CPI in band

INFLATION

* CPI projection raised to 4.7-5.1% Oct-Mar

* CPI projection raised to 3.8-4.0% Apr-Sep 2020

* Risks to inflation projections "broadly balanced"

* MPC sees inflation rising in near-term

* MPC sees CPI moderate below target by Jul-Sep 2020

* Need to carefully monitor fresh data for CPI outlook clarity

ECONOMY

* FY20 real GDP growth seen 5.0% from 6.1% set in Oct

* Oct-Mar GDP seen 4.9-5.5%

* Apr-Sep 2020 GDP seen 5.9-6.3%

* MPC notes economic activity has weakened further

* MPC sees govt, policy steps gradually feed into the real economy

* Data showing some early signs of recovery in investment activity

* Need to see sustainability of investment activity recovery

* MPC sees need to address impediments holding back investment

* MPC sees external benchmarks strengthen monetary transmission

* Need greater flexibility in small savings rate adjustments

* See FY21 Budget provide insight into further steps by govt

* see FY21 Budget shed light on govt policy impact on growth

* MPC meeting minutes to be published on Dec 19

* Next MPC meeting to be held from Feb 4-6

* Delay in domestic demand revival downside risk for GDP

* Slower domestic demand reflecting in softening in CPI

* See price rise in milk, pulses, sugar sustaining

* Oct CPI print "was much higher than expected"

* FX reserves at $451.7 bln on Dec 3, up $38.8 bln from Mar 31

* Net disbursals of FX borrowings up $11.5 bln Apr-Oct

* Median bank term deposit rates down 47 bps Feb-Nov

* Bank deposit rate down by 9 bps Oct vs just 7 bps in Feb-Sep

* Fall in deposit rate augurs well for loan rate transmission