Microsoft CrowdStrike outage: Only 10 banks and NBFCs had minor disruptions, says RBI

Large scale outage in Microsoft Services is impacting IT systems globally leading to disruptions in various sectors. RBI assessment shows that only 10 banks and NBFCs had minor disruptions which have either been resolved or are being resolved

Microsoft said on July 19 that it is investigating a host of issues with Azure in the Central U.S. region, but users in India, and globally, are also raising complaints.

The outage has caused disruptions in air traffic, forcing airports to shift to manual operations. Brokerages and stock exchanges have also been hit as a result of the tech outage. Microsoft while acknowledging the outage has said “a resolution is forthcoming”.

Microsoft Outage LIVE

In a statement, the RBI said “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. Our assessment shows that only 10 banks and NBFCs had minor disruptions which have either been resolved or are being resolved. Overall, the Indian financial sector in the Reserve Bank’s domain remains insulated from the global outage.”

The Reserve Bank has issued an Advisory on July 19 to its Regulated Entities for taking necessary steps to remain alert and ensure operational resilience and continuity.