HDFC Bank will conduct a system upgrade on July 13, 2024. The bank is transferring its Core Banking System (CBS) to a new engineered platform to enhance customer experience for its large customer base of 93 million individuals and businesses nationwide. “This migration aims to improve performance speed, increase capacity to manage high traffic volumes, and enhance reliability and scalability,” the lender said in a statement.
During this 13-and-a-half-hour window, customers will have limited access to certain services, HDFC Bank said.
HDFC Bank’s scheduled upgrade details:
Start: 3:00 AM on Saturday, 13th July 2024
End: 4:30 PM on Saturday, 13th July 2024
During this 13-and-a-half-hour window, customers will have limited access to certain services:
HDFC Bank’s scheduled upgrade: Services Available
Net & Mobile Banking UPI: Available, except from 3:00 AM to 3:45 AM and from 9:30 AM to 12:45 PM.
Bill Payments: Adding new billers and viewing existing ones.
Demat, Cards, and Loans: Viewing services only.
Mutual Funds: Redemptions, switching, viewing, and inquiries.
WealthFy Reports: Risk profile and systematic section management.;
HDFC Bank’s scheduled upgrade: Services not available
All other NetBanking & MobileBanking services from 3:00 AM to 4:30 PM.
Cash Withdrawal:
Debit and Credit Cards: Withdrawals up to a restricted amount from any ATM.
The account balance was displayed at 7:30 PM on Friday, 12th July 2024.
Debit Cards, Credit Cards, and UPI:
In stores: Limited transactions on swipe machines.
Online: Limited online purchases.
Card Management:
Hotlisting cards, PIN resets, and other card-related activities continue.
Merchant Payments:
Merchants can receive payments via cards, but updates for the previous day’s payments will be available after the upgrade is completed.
Is July 13 a bank holiday?
The bank has chosen a second Saturday, a bank holiday, for this upgrade to minimize customer inconvenience. Customers are advised to plan their banking activities accordingly.
In July 2024, banks throughout India will observe closures for 12 days, as outlined in the bank holiday calendar released by the Reserve Bank of India (RBI). These holidays encompass regional and state-specific observances and the regular second and fourth Saturdays and Sundays.
Indian stock market rose to record highs for the second straight session on Wednesday, led by top private lender HDFC Bank, which jumped to an all-time high in hopes of a likely increase in weight in a key global index.HDFC Bank rose 3.5% at the open, leading Nifty 50 gains. The lender is the heaviest weighted stock in both the benchmarks. Foreign institutional investors’ shareholding in HDFC Bank in the June quarter dropped below 55%, data released on Tuesday showed, raising the likelihood of an increase in weightage in Morgan Stanley’s MSCI indexes.
