Mumbai, April 25 -- The bank will continue to service its existing customers, including those with credit cards, the banking sector regulator stated.

This action follows concerns identified during RBI's examinations of the bank's IT infrastructure in 2022 and 2023. The report cites serious deficiencies in areas like IT inventory management, data security, and business continuity planning. The bank was found to be non-compliant with corrective action plans issued by RBI in previous years.

These shortcomings have resulted in frequent outages of the bank's Core Banking System and digital channels, causing inconvenience to customers. The RBI's decision aims to protect customers and the financial system from potential risks associated with t...