Several Founders, Co-Founders, CXO Bankers, CXO Fintech professionals & people who participated in the ePanel discussions:
- Mr. Sharad Goklani, President and CTO at AU Small Finance Bank
- Mr. Ravi Joshi, Product Head Debit Card, Prepaid Cards and Marketing, IDBI Bank
- Mr. Satish Patel, Associate Vice President-Technology, AGS Transact Technologies Lt
- Mr. Shamil Vazir, Former Assistant VP- Alternate Channels & Digital Payments, Equitas Small Finance Bank
- Mr. Vikas R Panditrao, Co-Founder, Forum of Industry and Academic Knowledge Sharing (FIAKS)
- Many other CEO/CXO Bankers & Fintech professionals on FIAKS Forum requested to remain anonymous
Tech outages are becoming a major concern as every now and then there is some tech outage in some bank and that is not just showing the bad health of the bank also causing a lot of inconvenience to the customers. Now a community member anonymously shared the update on PSU Bank issued cards that are not working for weeks. However no action against them by regulatory authorities.
On the other hand, a certain set of members mentioned that “it’s very well working. Except for planned downtime, it’s working perfectly fine. It seems the member himself did more than five transactions. He advised checking the message properly. It says the transactions limit set by the customer is breached.
However certain members shared that they have done a couple of transactions in the last few days.” Well, a complete limit is available. But still, the transaction is getting declined with such a message of exceeding the limit.
And usual conflicting updates on working me and not working for others continued
Here are some crucial questions raised;
Question 1: Is RBI aware? What mechanism is in place for regulatory authorities to get real-time feed?
Question 2: Will CERT-IN empaneled auditors ever give non-compliance reports especially when payment of the audit fees is by the bank & not the regulators?
Question 3: Will the regulator ban PSU banks from issuing fresh cards till systems are not functioning correctly?
- From the current situation, it looks like regulators are strict for private players and ignorant for PSU banks. We can see service outages for PSU vs Private banks but didn’t see any action on PSU. There is a need of having common and open rules for all.
Contradictory viewpoints from the other side of the table:
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