NEW DELHI, Jan. 8 -- In a world that is increasingly going digital, outages cannot be entirely ruled out.
Recently, one of the world's biggest technology companies Google, suffered an outage that impacted many of its services. Even many banks experience outages from time to time. But for the first time in 2020, the Reserve Bank of India (RBI) took action against HDFC Bank and officials are also looking into State Bank of India's (SBI) YONO app outages.
"Their (banks') legacy systems are not suitable to handle volumes of digital transactions.
If they don't reinvent, outages could continue," said Murali Nair, president, banking, Zeta, a technology provider to banks.
So what prompted RBI to start taking action against banks, and will custo...