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The Reserve Bank of India has asserted that its assessment showed that only 10 banks and NBFCs had minor disruptions due to the Microsoft outage. The disruptions reported in those entities have "either been resolved or are being resolved", RBI said in a statement.
Large scale outage in Microsoft services is impacting 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. "Critical systems of most banks are not in cloud and further, only a few banks are using the CrowdStrike tool," said the central bank in a statement. "Our assessment shows that only 10 banks and NBFCs had minor disruptions which have either been resolved or are being resolved," RBI said. Overall, the RBI said the Indian financial sector domain remains insulated from the global outage. The Reserve Bank has issued an advisory today to its Regulated Entities for taking necessary steps to remain alert and ensure operational resilience and continuity. Airlines, banks, hospitals in India reported that their systems across the network were impacted by the ongoing outage in Microsoft cloud services. Microsoft meanwhile said they were investigating the issue impacting users' ability to access various Microsoft 365 apps and services. CrowdStrike, the security firm linked to a software update that caused the outage, said that the issue has been isolated and a fix deployed. George Kurtz, President and CEO of CrowdStrike said the cybersecurity company was working with customers on the issues faced by them while giving a reassurance that the issue was "not a security incident or cyberattack." (ANI)
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