The Reserve Bank of India (RBI) announced on Friday that a global Microsoft services outage affected 10 banks and non-banking financial companies (NBFCs) in India, causing minor disruptions which have either been resolved or are in the process of being resolved.
The widespread Microsoft outage disrupted flights, banks, media outlets, and companies worldwide. Despite efforts by Microsoft to gradually restore access to Microsoft 365 apps and services, the disruptions continued for hours.
The RBI assessed the impact of the outage on its regulated entities, concluding that critical systems of most banks are not cloud-based and that only a few banks use the CrowdStrike tool. Consequently, only 10 banks and NBFCs experienced minor disruptions.
"Critical systems of most banks are not in the 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," RBI said in a statement.
"The Indian financial sector within the Reserve Bank's domain remains largely insulated from the global outage," the RBI stated.
Additionally, the Reserve Bank has issued an advisory to its regulated entities, urging them to take necessary precautions to ensure operational resilience and continuity in the face of such disruptions.
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