RBI Relaxes Restrictions On HDFC Bank Over Issuing New Credit Cards

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The Reserve Bank of India (RBI) has relaxed its eight-month long restrictions regarding issuance of new credit cards by the HDFC Bank.

Earlier this year, the central bank had laid out such orders on the HDFC Bank following emergence of specific incidents of outages with respect to their payment utilities, mobile banking, and internet banking amongst others.

“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,” the HDFC Bank mentioned in its regulatory filing.

The filing further ascertained that the bank’s board of directors has taken a note of this letter from the RBI.

However, the HDFC Bank has clarified that the prohibitions imposed by the RBI on all the new launches by the bank of its digital business generating businesses as envisaged under the Digital 2.0 will stay unless the central bank comes out with any additional review.

Accordingly, the HDFC Bank has assured that will continue engaging with the RBI to bring about compliance on every parameter, Economic Times reports.

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