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RBI permits HDFC Bank to issue new credit cards: Report

RBI permits HDFC Bank to issue new credit cards: Report

After three instances of network outages, the RBI had last year prohibited the bank from selling new cards, and also asked the lender to improve its systems before the curbs are lifted.

The ban on the bank for introducing new digital initiatives will continue. The ban on the bank for introducing new digital initiatives will continue.

The Reserve Bank of India (RBI) has permitted the country's largest private sector lender HDFC Bank to issue new credit cards to its customers, news agency Reuters reported on Tuesday.
 
After three instances of network outages, the RBI had last year prohibited the bank from selling new credit cards and launching digital initiatives. It had also asked the lender to improve its systems before the curbs are lifted.
 
However, the ban on the bank for introducing new digital initiatives will continue, the report said citing a source.
 
The bank has been plagued with digital outages for some time and the central bank had also ordered a third-party audit of its IT system.
 
HDFC Bank MD and CEO Sashidhar Jagdishan had said in the bank's annual report for FY21 that the third-party audit was over and the bank was awaiting a decision from the central bank.
 
Jagdishan had also apologised to the bank's stakeholders and customers for the repeated tech outages.

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Published on: Aug 17, 2021, 8:19 PM IST
Posted by: Vinay Rai, Aug 17, 2021, 8:16 PM IST