RBI Says Only 10 Banks Affected by Microsoft Outage, Issues Resolved
The Reserve Bank of India (RBI) has reported that only 10 banks and Non-Banking Financial Companies (NBFCs) experienced minor disruptions due to a global Microsoft outage. These disruptions have either been resolved or are in the process of being resolved.
According to the RBI, the critical systems of most banks are not cloud-based, and only a few banks use the CrowdStrike tool, which was linked to the outage. The RBI assured that the Indian financial sector remains largely unaffected by the global outage.
Microsoft is currently investigating the issue that impacted users’ ability to access various Microsoft 365 apps and services. CrowdStrike, the security firm associated with a software update that caused the outage, has isolated the issue and deployed a fix. George Kurtz, President and CEO of CrowdStrike, confirmed that the issue was not a security incident or cyberattack.
The RBI has issued an advisory to its regulated entities, urging them to take necessary steps to remain alert and ensure operational resilience and continuity. The outage has also impacted airlines, banks, and hospitals in India.
Doubts Revealed
RBI -: RBI stands for the Reserve Bank of India. It is the central bank of India, which means it manages the country’s money and banking system.
NBFCs -: NBFCs are Non-Banking Financial Companies. They provide financial services like loans and investments but are not banks.
Microsoft Outage -: A Microsoft outage means that some of Microsoft’s services stopped working for a while. This can happen due to technical problems.
CrowdStrike -: CrowdStrike is a company that helps protect computers and networks from cyber-attacks. They fixed the problem related to the Microsoft outage.
Operational resilience -: Operational resilience means being able to keep working even when there are problems or disruptions. The RBI wants banks to be prepared for such situations.
