RBI Assess Impact Of Microsoft Services Outage On Lenders
During the assessment, the RBI said it observed minor disruptions across 10 banks and non-banking lenders, which had either been resolved or were being resolved.
The Reserve Bank of India assessed the impact of the outage of Microsoft Services on all lenders on Friday.
During this assessment, the banking regulator said in a statement that it observed minor disruptions across 10 banks and non-banking lenders, which had either been resolved or were being resolved.
It also said the critical systems of most banks in India are not on the cloud. It's just a few banks that are using the CrowdStrike tool, RBI said.
"Overall, the Indian financial sector in the Reserve Bank’s domain remains insulated from the global outage," it said.
Accordingly, the RBI has issued an advisory to all lenders, asking them to take the necessary steps to remain alert in such instances.
The clarification from the regulator comes after a technical glitch, originating from Microsoft's Azure backend, disrupted operations globally on Friday. The impacted entities included airlines, banks, and corporations, among others.
In response to this, CrowdStrike Chief Executive Officer George Kurtz said the outage wasn't due to any security incident or cyberattack. It was identified and isolated and a fix was deployed, he added.
Later in the evening, Microsoft too, on its X handle, said the underlying cause was fixed.
"We're continuing to observe an increase in functionality and availability for the remaining impacted scenarios and we're monitoring this closely to ensure we're progressing towards full recovery," it said.
