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The 34-kilometer trip by Jain, a former IDBI Bank Ltd chief executive officer (CEO), was more of symbolic import than anything else. HDFC Bank, India’s largest private sector lender by assets, had sparked consternation among its customers some weeks ago when online transactions ran into glitches. Jain’s visit to the bank’s data centre was to drive home to HDFC Bank that the regulator had taken serious note of the digital transaction failures. “By sending a deputy governor to its data centre, the regulator was trying to convey to the bank management that it meant business," said a person aware of the matter who spoke on the condition that he wouldn’t be identified. Social media had been inundated with complaints, many of them tagging the central bank. Customers complained that they had been unable to transfer funds or even check their account balance. At its bi-monthly monetary policy press conference in December 2019, RBI officials also confronted questions from the media over what had gone wrong at HDFC Bank and responded that they were trying to stanch the problems. Between 1 and 31 December, the bank’s shares on the BSE slid 0.22%, while the benchmark Sensex was up 1.13%. In a conference call with journalists a few weeks later, Sashidhar Jagdishan, then the head of finance, said that the bank had underestimated the volume of its digital transactions. In October 2020, Jagdishan became the CEO after Aditya Puri’s retirement, after one of the longest stints at the helm by ...

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