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Bandhan Bank completes core banking system migration
October 04, 2023
Private sector lender Bandhan Bank announced on Tuesday that it has successfully migrated its core banking system and internet banking services to a new platform. The bank confirmed the completion of the migration in a notification to the exchanges.
This development comes against the backdrop of several banks encountering technical difficulties with their digital and tech-based banking services. Notably, HDFC Bank, India’s largest private sector lender, experienced issues with its digital and web banking services in February 2023. ICICI Bank, another private sector bank, also faced a tech outage in May 2023.
Customers of HDFC Bank, ICICI Bank, Yes Bank, Bank of Baroda, and IDFC First Bank (NASDAQ:FRBA) who participated in the retail digital rupee pilot have reported technical problems and issues while making payments.
The successful migration by Bandhan Bank is seen as a significant step amid these recent technical challenges faced by other banks in their digital and tech-based services. This move is particularly noteworthy considering the bank’s recent financial performance and position in the banking industry. According to InvestingPro, Bandhan Bank is a prominent player in the Banks industry.
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