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Home Politics RBI Bars HDFC Bank From Issuing New Credit Cards, Digital Launches

RBI Bars HDFC Bank From Issuing New Credit Cards, Digital Launches

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New Delhi: The Reserve Bank of India (RBI) has ordered HDFC Bank to temporarily suspend sourcing new credit cards and stop the launch of its digital business-generating activities planned under Digital 2.0 and other proposed business generating IT applications.

The action comes after the central bank on November 23 sought an explanation from HDFC Bank after its digital services were disrupted from the evening of November 21 till November 22 morning – for over 12 hours.

“RBI has issued an order dated December 2, 2020, to HDFC Bank Ltd with regard to certain incidents of outages in the internet banking/ mobile banking/ payment utilities of the bank over the past two years, including the recent outages in the bank’s internet banking and payment system on November 21, 2020, due to a power failure in the primary data centre,” HDFC Bank said in a regulatory filing.

HDFC Bank said the RBI order “has advised the bank to temporarily stop all launches of the digital business-generating activities planned under its program Digital 2.0 and other proposed business generating IT applications and sourcing of new credit card customers”.

The order also states that HDFC Bank’s board must examine the lapses and fix accountability.

“The above measures shall be considered for lifting (the restrictions) upon satisfactory compliance with the major critical observations as identified by the RBI,” it added.

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