The Reserve Bank of India or RBI has called on banks to invest adequately in IT infrastructure in line with their business growth and volume to reduce outages.
Speaking at a press conference after the RBI MPC meeting, Governor Shaktikanta Das emphasized that outages are often due to issues within the banks, not at the National Payments Corporation of India or the unified payments interface.
Also read/watch - RBI moved gold reserve from UK to India as there is enough storage capacity: RBI governor Shaktikanta Das
Das further added that RBI does not prescribe minimum investment, but banks should invest adequately in IT infrastructure to cut outages.
This statement comes after the RBI barred Kotak Mahindra Bank from onboarding new customers through its online and mobile banking channels and from issuing fresh credit cards, citing concerns over its IT infrastructure.