RBI allows HDFC Bank to issue credit cards after lifting blockade after 8 months

RBI allows HDFC Bank to issue credit cards after lifting blockade after 8 months

RBI allows HDFC Bank to issue credit cards after lifting blockade after 8 months

RBI allows HDFC Bank to issue credit cards after lifting blockade after 8 months: The RBI has slightly lifted the HDFC Bank ban, allowing a private lender to issue new credit cards. HDFC Bank shares have risen 3 percent after the RBI decision.
The Reserve Bank of India (RBI) has gradually lifted the restrictions imposed on HDFC Bank, allowing a private lender to continue issuing credit cards after he was denied access in December 2020. However, the RBI’s ban on digital launch still applies.

hdfc2 RBI allows HDFC Bank to issue credit cards after lifting blockade after 8 months

It could be noted that HDFC Bank shares increased by almost 3 percent in initial trading on Wednesday after a private lender was allowed to issue new credit cards.

EXCLUSIVE FREEDOM OF HDFC BANK
The RBI had barred HDFC Bank from introducing new digital banking systems and issuing new credit cards on December 2, 2020. Restrictions were imposed on the bank due to the bank’s online congestion and mobile banking plans over the past two years.

At the time of the imposition, the RBI said it would only decrease in normalcy once the bank was able to address the issue of glitches in its online banking systems. A livemint.com report revealed that HDFC Bank added new 1 lakh credit card customers every month between April and November, the next closed.

Despite the ban, HDFC Bank remains the largest issuer of credit cards among all other banks, with 14.8 million cards remaining at the end of June 2021. SBI ranks second with 12 million credit cards and ICICI Bank with a population of over a million 11.
HDFC Bank chief executive Sashidhar Jagdishan had earlier said that the ban on RBI’s new digital launch had an impact on its business.

Jagdishan also made it clear that HDFC Bank is ready to launch new products once the ban is lifted. However, it may take a year or more for the technology to change, following which the central bank is likely to completely lift the ban.

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