The RBI has removed the restrictions that were imposed on the new digital launches of HDFC Bank.
Background
The private lender said to the stock exchanges that the RBI has lifted the restrictions on “the business generating activities planned under the Bank’s Digital 2.0 programme”.
The curbs were imposed back in December 2020 after multiple outages at the lender’s data centre.
The curbs prevented HDFC Bank from launching any of the activities planned under the Digital 2.0 programme, as well as the sourcing of new credit cards.
Partial Ease In Curbs
The RBI had also asked the bank to fix accountability in the issue of the data centre outages, and examine reasons behind the lapses.
The curbs were partially eased In August last year so the bank was able to issue new credit cards.
HDFC Bank had claimed then that it issued a record number of credit cards after the restrictions were partially eased.
Happy Ending
HDFC Bank thanked the central bank for its decision and said that they are “fully committed” to ensure adherence to RBI standards and recommendations.
The bank has meanwhile used this time to make short, medium, and long-term plans to meet the evolving digital requirements of its customers.
It will roll out these initiatives in the days to come.
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