HDFC Bank UPI Services to be Unavailable for 3 Hours on August 10 Due to Scheduled Maintenance

Synopsis: HDFC Bank has scheduled maintenance on August 10, 2024, leading to a temporary suspension of UPI services for three hours from 2:30 AM to 5:30 AM. This will affect all transactions via the bank’s mobile app, GPay, WhatsApp Pay, Paytm, and other linked platforms. Despite a recent drop in share prices, analysts maintain a positive outlook on HDFC Bank’s stock.

HDFC Bank has announced a scheduled maintenance activity that will affect its Unified Payment Interface (UPI) services on Saturday, August 10, 2024. According to an email sent to customers, the UPI services will be unavailable from 2:30 AM to 5:30 AM, a total of three hours. This downtime is part of the bank's routine maintenance efforts to enhance service efficiency and security.

Impact on Services

During the maintenance window, HDFC Bank’s UPI services will be inaccessible across various platforms, including the HDFC Bank mobile banking app, Google Pay (GPay), WhatsApp Pay, Paytm, Shriram Finance, and Mobikwik. Customers holding HDFC Bank Current and Savings Accounts (CASA) will be unable to perform any financial or non-financial transactions through these platforms during the downtime. Additionally, services involving point-of-sale (POS) transactions and both offline and online UPI transactions will also be disrupted.

Market Update

In a related financial update, HDFC Bank shares have experienced a decline of 2.24% in 2024 so far, in contrast to a 10.26% rise in the BSE Sensex during the same period. Despite this, market analysts continue to hold a positive outlook on the stock, with recommendations such as 'Buy' from Motilal Oswal Financial Services (MOFSL) and Nuvama, setting target prices at Rs 1,950 and Rs 1,850, respectively.