11 December 2017
visit http://response.ncr.com

Banking systems hit by Mumbai floods

29 July 2005  |  5173 views  |  0 Grid - sort of

Torrential rainstorms in Mumbai have hit banking transactions across India as banks struggle to keep computer systems running.

Nearly 740 people have so far died as monsoon rains have swept across Mumbai and triggered mudslides in the region. The downpours have seriously affected banking systems, with power supplies down and back-up facilities submerged underwater.

Banks which use Mumbai as a central hub for processing transactions - including Citibank, HSBC, HDFC, ICICI, and the State Bank of India - experienced disruptions across their national networks. The degree of disruption has varied from bank to bank and region-to-region, with ATMs intermittently operational and core banking systems failing to function.

Banking systems supplier i-flex - rumoured to be a bid target of Oracle - was forced to reschedule its results announcement and conference calls with analysts, "due to the unprecedented flood situation in Mumbai during the last two days and the logistical difficulties arising".

The state government in Mumbai declared Wednesday and Thursday as public holidays, closing down schools, banks and offices.

The rainfall is the highest ever recorded in India, with Mumbai receiving half of its average annual total in 12 hours.

By Friday morning, public offices began re-opening, but power supplies in the region remained spotty.

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related blogs

Create a blog about this story (membership required)
visit www.solutions.lexisnexis.comvisit www.aciworldwide.comvisit www.response.ncr.com

Who is commenting?

Top topics

Most viewed Most shared
Revolut lets customers buy Bitcoin, Litecoin and EthereumRevolut lets customers buy Bitcoin, Liteco...
18349 views comments | 26 tweets | 22 linkedin
Saxo Bank's 'Outrageous Prediction': Bitcoin to peak at $60k next year before spectacular crashSaxo Bank's 'Outrageous Prediction': Bitco...
11255 views comments | 7 tweets | 7 linkedin
Deutsche Bank paper hails 'huge' blockchain potentialDeutsche Bank paper hails 'huge' blockchai...
7496 views comments | 14 tweets | 21 linkedin
Santander UK poaches Barclays innovation chief Michael HarteSantander UK poaches Barclays innovation c...
6565 views comments | 8 tweets | 17 linkedin
Barclays, First Direct and Nationwide join FCA sandbox cohortBarclays, First Direct and Nationwide join...
5967 views comments | 5 tweets | 12 linkedin

Featured job

Find your next job