RBI asks HDFC to stop new digital business launches and avoid adding new Credit Card customers

The Reserve Bank of India has asked HDFC Bank  to stop new digital business launches and avoid adding new Credit Card customers after repeated reports by its customers facing multiple cases of technical glitches. HDFC Bank said in a regulatory filing that 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 over the last two years, it has taken several measures to fortify its IT systems and will continue to work swiftly to close out the balance and would continue to engage with the regulator in this regard.