Minor disruptions only in 10 Indian banks due to Microsoft global outage, says RBI

Mumbai, July 19: The Reserve Bank of India (RBI) on Friday clarified that only 10 banks and non-banking finance companies in the country had minor disruptions due to the large-scale outage in Microsoft services.

"Critical systems of most banks are not in the cloud and further, only a few banks are using the CrowdStrike tool. Our assessment shows that only 10 banks and NBFCs had minor disruptions which have either been resolved or are being resolved," the RBI said in a press release.

Overall, the Indian financial sector in the Reserve Bank’s domain remains insulated from the global outage, it added.

Large-scale outage in Microsoft services impacted IT systems globally leading to disruptions in various sectors. The Reserve Bank has made an assessment of the impact of this outage on its regulated entities, it added.

The RBI also said that it has issued an advisory to its regulated entities (banks, NBFCs, housing finance companies etc) to take necessary steps to remain alert and ensure operational resilience and continuity. The collapse of Microsoft services worldwide had led to major global systems outages on an unprecedented scale, disrupting airline operations, stock markets, some media broadcast operations and payment gateways across the globe.