HDFC Bank news: We could potentially add one HDFC Bank every five years, says CEO Jagadeesan


The private lender said on Tuesday that it would soon phase out its payments platform core banking Module to enable minimum payment downtime even when core banking is not available.

The bank is also expected to launch additional products and services digital 2.0 includes a new payment platform for its customers and merchants.

Addressing shareholders as part of its annual report, Shashidhar Jagadeesan The lender’s managing director said the bank has initiated some strategic initiatives in partnership with new age start-ups for co-creation of new core banking modules.

“The project will enable us to move out of the payment module from the existing core banking platform and help in creating a completely flexible proactive-active payment architecture, which will ensure minimum payment downtime even when core banking is not available,” Jagadeesan said.

“After this 15-month project, the customer master module will be hollowed out from its existing core system and ensure a system of record for customers across different products.”

Jagadeesan also said that the bank has set up a new center in Bengaluru to improve its mobile and internet banking platforms. The entire project will be completed in a time frame of 2 years and will allow the bank to own a modern cloud enabled mobile/netbanking platform. In line with digital fintech companies, the bank is expected to introduce new features every 3 to 4 weeks.

“Our entire technology and digital strategy adopts a 360-degree approach that ensures the flexibility and modernization of existing legacy systems and enables new-age consumer experiences by partnering with modern neo-techs,” he said. “We have made rapid strides over the past year in building the foundation and enabling new digital assets. Needless to say, the momentum will only pick up from here.”

In March this year, a year after the restrictions were imposed, the Reserve Bank of India lifted all restrictions on the private lender’s digital business creation activities. HDFC Bank, which issues over 200,000 credit cards in a month, was directed by? reserve Bank of India To stop issuing new cards in December 2020 until it has resolved its technical problems. The central bank also barred it from launching any new digital initiatives.


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