Reserve Bank allows HDFC Bank to sell new credit cards

Reserve Bank of India had issued orders in December and February to HDFC Bank on certain incidents of outages in the internet banking /mobile banking / payment utilities of the bank over the past two years

Reserve Bank allows HDFC Bank to sell new credit cards

Reserve Bank of India

HDFC Bank on Wednesday said RBI has relaxed the restrictions placed on the bank to issue new cards. Reserve Bank of India had issued orders in December and February to HDFC Bank on certain incidents of outages in the internet banking /mobile banking / payment utilities of the bank over the past two years.

"As a further update to the above intimations, we wish to inform you that the RBI vide its letter dated August 17, 2021, has relaxed the restriction placed on sourcing of new credit cards," it said in a regulatory filing.

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The board of directors of the bank has taken note of the said RBI letter, it said. HDFC Bank said the restrictions on all new launches of the digital business generating activities planned under Digital 2.0 will continue till further review by RBI.

"We will continue to engage with RBI and ensure compliance on all parameters," the bank said. Stock of HDFC Bank traded 2.06 per cent up at Rs 1,546.00 apiece on BSE.

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