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MUMBAI: The Reserve Bank of India (RBI) has lifted restrictions on HDFC Bank, allowing it to launch digital business-generating activities planned under its Digital 2.0 programme.
In December 2020, RBI had asked the private sector lender to halt launches under its digital banking initiative and to stop sourcing any new credit card customers, albeit temporarily. The regulatory action came after multiple outages in the bank's e-banking channels. Then in August last year, RBI partially lifted the restrictions, allowing it to resume issuing credit cards.
"We would like to inform one and all that the Reserve Bank of India has lifted the restriction on the business-generating activities planned under the Bank’s Digital 2.0 programme, vide its letter dated 11 March 2022," the bank said on Saturday.
The bank said it w fully committed to ensuring continued adherence to the highest standards of compliance with RBI recommendations.
"We have utilised this time to draw up short, medium, and long-term plans to meet the evolving digital requirements of our customers and we will roll out these initiatives in the days to come. We are happy that we will once again be able to offer our customers our full suite of best-in-class services and continue to serve them with dedication and humility," the bank said.
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