on Aug 19, 2021)HDFC Bank CEO Sashidhar Jagdishan has said that the RBI embargo has enabled the bank to reimagine its IT systems and processes and “turbo-charge” the pace of its technology transformation. He reiterated the bank’s plan to be “back with a bang” in the card space and regain lost market share.
In a communication to all employees informing them of RBI’s decision, Jagdishan said that while the bank will now source new credit cards, the restrictions on new digital business generation activities under Digital 2.0 initiatives will continue till further review. “I am thankful for the ‘rap on the knuckles’ from the regulator. This rap has opened our eyes to the world of possibilities,” said Jagdishan. “In the coming time, we will be able to demonstrate the technology transformation that we have embarked on,” said Jagdishan.
He reiterated the bank’s plans for a ‘digital factory’ and an ‘enterprise factory’, which will securely enable it to scale operations. “In today’s day and time, there could be technology issues, but we have started building an architecture that will ensure our systems bounce back quickly while ensuring minimal inconvenience to our customers and having multiple channels available for customers to complete the transaction,” said Jagdishan.
Responding to criticism that “HDFC Bank has lost its Mojo”, Jagdishan urged employees to draw inspiration from India’s Olympians.
