Context:
Indian Overseas Bank (IOB), a public sector bank, has announced a temporary rollback to its old internet banking interface after technical failures disrupted customer access on its new platform.
Key Highlights:
Nature of the Problem
- IOB migrated to a new internet banking system on Saturday (July 27, 2025).
- Customers reported frequent login failures, with the interface going down intermittently.
- Issues persisted for several days, impacting digital banking services such as fund transfers, account access, and transactions.
Bank’s Response
- The bank has officially reverted to the older internet banking interface until the root cause of the issue is identified and fixed.
- A senior bank official stated that customer service was prioritized to prevent prolonged disruption.
Significance
- Highlights challenges in digital transformation faced by public sector banks.
- May affect customer confidence and reputation of both IOB and Edgeverve/Infosys in delivering stable banking tech solutions.
- Reinforces the need for robust vendor accountability and disaster recovery mechanisms in banking IT systems.
