Are online banking transactions failing due to TRAI regulations over OTP?, BFSI News, ET BFSI

Multiple sources reveal that online transactions were failing big time since mid-afternoon.

Nobody was aware as consumers didn’t take it to market. The chatter reveals that transactions were failing across the board and banks have been blaming the telecom companies and telecom companies have been blaming the banks.

Online transactions require two factor authentication and second one being one-time-password (OTP) was not being delivered on time to customers. The sources also said many customers had to rely on to options with OTP via mails.

Note: This is a developing story, more details to be followed.