The Reserve Bank of India has lifted all restrictions on private sector HDFC Bank’s Digital 2.0. Information in this regard has been provided by the bank to the stock exchange. It has been said by the bank that after the lifting of the ban, it can resume all types of digital initiatives.
HDFC Bank on this matter said that the Reserve Bank of India, vide its letter dated March 11, 2022, has lifted restrictions on business creation activities planned under the Bank’s Digital 2.0 programme. It has been notified to the stock exchanges on March 12, 2022. Significantly, in December 2020, HDFC Bank was banned from launching new credit cards. However, in August 2021, giving some relief, the exemption was given to launch new credit cards.
Subsequently, the RBI had also asked the bank to fix accountability in the matter related to the data center failure and investigate the reasons for the lapse. Let us tell you that in the last two years, there have been many such disturbances in the IT system of the bank. Due to this, the central bank took this step against HDFC. The bank was preparing to launch its Digital 2.0, with several digital channel launches in preparation. In such a situation, the order of RBI was a big setback for the bank.