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In August 2021, RBI partially lifted the ban on HDFC Bank by allowing it to resume issuing new credit cards
Photo Credit : Reuters
The Reserve Bank of India (RBI) has lifted all restrictions on the new digital business-generating of private lender HDFC Bank under its Digital 2.0 programme, according to an exchange filing.
"The RBI vide its letter dated March 11, 2022, has lifted the restrictions on the business generating activities planned under the Bank's Digital 2.0 program. The members of the Board of Directors have taken note of said RBI letter," HDFC Bank said in its filing.
In December 2020, the RBI asked HDFC Bank to stop all launches of its upcoming digital business-generating activities and sourcing of new credit card customers after repeated outages at its data centre, impacting operations.
In August 2021, RBI partially lifted the ban on HDFC Bank by allowing it to resume issuing new credit cards. After lifting the partial curbs, the lender said that it issued record credit cards.
Lifting of digital business-generating restrictions now would augur well for the Bank over the next few months, and the Bank could aggressively pursue new digital launches.