Finance

hdfc bank: How a display error hit HDFC Bank’s Chennai branch

temporarily froze close to 100 bank accounts Sunday after those clients reportedly received Rs 13 crore each because of a technical glitch. The incident happened at a branch on Usman Road, Thiyagaraya Nagar in Chennaiduring a systems upgrade.

The cap was eased later in the evening.

“A display error was noticed in a few customer accounts after a routine system patch upgrade activity last night,” said a bank spokesperson in response to ET’s query.

“This caused some customers of the bank to note an erroneous amount credited to their account. After the proactive detection, a debit block was placed on these accounts, a majority of which have now been removed,” the spokesperson said.

Due to the freeze, those customers could not transfer any fund to other accounts but could receive cash. A small number of remaining ones, according to the bank, will be completed soon within the next few hours.

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“During the course of system upgradation, something (possibly a particular loop) may have gone wrong showing an optical surge in bank balances,” said a person familiar with the matter.

The bank had earlier decided to overhaul the whole systems following central bank curbs on certain digital offerings.

Earlier in March, the Reserve Bank of India lifted the restrictions imposed on HDFC Bank regarding its business generation activities planned under a bespoke plan christened as Digital 2.0 Program.

About two and half years ago, the central bank had ordered the bank to temporarily hold all digital launches and new sourcing of credit card customers,

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