HDFC Bank share rises 3% after RBI lifts ban on issuing credit cards

HDFC Bank share rose over 3% in early trade today after Reserve Bank of India (RBI) allowed the lender to issue new credit cards, eight months after it curbed some of the bank's operations due to outages in its digital payment services.

HDFC Bank stock touched an intraday high of Rs 1564.75, rising 3.29% on BSE.

The share opened with a gain of 2.32% at Rs 1,550. HDFC Bank share is trading higher than 5 day, 20 day, 50 day, 100 day and 200 day moving averages.

HDFC Bank stock has gained 46.81% in one year and risen 7.95% since the beginning of this year.

Total 1.41 lakh shares of the lender changed hands amounting to turnover of Rs 22.72 crore on BSE.

Market cap of the bank rose to Rs 8.57 lakh crore on BSE.

The large cap share hit its 52 week high of Rs 1,650 on February 24, 2021 and 52-week low of Rs 1021.45 on August 18, 2020.

After three instances of network outages, RBI in December 3, 2020 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, a Reuters report said.