HDFC Bank Credit Card RBI temporarily stops HDFC Bank from adding new customers
Mumbai/IBNS: The Reserve Bank of India (RBI) has temporarily stopped HDFC Bank from adding more customers or launching digital business.
"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 on Thursday.
India's largest private sector lender said the RBI "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".
Following the technical snags which HDFC's digital payment services and the power outage at its primary data centre, the RBI has in its order advised the bank's board to check the lapses and fix accountability.
“The above measures shall be considered for lifting, upon satisfactory compliance with the major critical observations as identified by the RBI,” HDFC Bank said in its regulatory stock exchange filing.
Support Our Journalism
We cannot do without you.. your contribution supports unbiased journalism
IBNS is not driven by any ism- not wokeism, not racism, not skewed secularism, not hyper right-wing or left liberal ideals, nor by any hardline religious beliefs or hyper nationalism. We want to serve you good old objective news, as they are. We do not judge or preach. We let people decide for themselves. We only try to present factual and well-sourced news.
