The bank is also expected to launch additional products and services under Digital 2.0 including a new payments platform for its customers and merchants.
In an address to shareholders as part of its annual report, Sashidhar Jagdishan the managing director of the lender said that the bank has embarked on a few strategic initiatives in partnership with a new age start-up to co-create new core banking modules.
“This project will enable the moving out of payments module from existing core banking platform and help in creating a fully resilient active- active payments architecture that will ensure minimal payments downtime, even if core banking is not available,” Jagdishan said.
“This 15-month project will be followed by hollowing the customer master modules from its existing core systems and will ensure a single system of record for customers across various products.”
Jagdishan also said that the bank has set up a new centre in Bengaluru to revamp its mobile and internet banking platforms. The entire project will be completed in a 2-year time frame and will allow the bank to own a modern cloud enabled Mobile/NetBanking platform. The bank is expected to roll out new features every 3 to 4 weeks, in line with digital fintech companies.
“Our entire technology and digital strategy adopts a 360-degree approach that ensures resilience and modernisation of existing legacy systems and enables new age consumer experiences by partnering with modern neo- techs,” he said. “We have made rapid strides in creating the foundation and enabling new digital assets over the last one year. Needless to say, the pace will only pick up from here.”
In March this year, the Reserve Bank of India lifted all restrictions on the private lender’s digital business generating activities, a year after the sanctions were imposed. HDFC Bank, which issued more than 200,000 credit cards a month, was directed by RBI in December 2020 to stop issuing fresh cards until it had sorted out its tech problems. The central bank also stopped it from launching any new digital initiatives.