RBI lifts restrictions on HDFC Bank’s new digital business generation, allows lender’s Digital 2.0 programme

The lender expressed happiness over the RBI’s decision and said that it is delighted to offer best offers to its customers.

Written by FE News Desk

Updated: March 12, 2022 17:38 IST

In January 2022, HDFC Bank's share in cards outstanding was 22.8%, down from 25% in January 2021. Its market share in spends fell to 24.8% from 31% a year ago.

In a major relief for HDFC Bank, the Reserve Bank of India lifted all restrictions on new digital business generating operations, the lender said in a statement today. The HDFC Bank said that the RBI has removed all restriction from HDFC’s Digital 2.0 programme. The bank further added that it is fully committed to the compliance norms set by the RBI. The lender expressed happiness over the RBI’s decision and said that it is delighted to offer best offers to its customers.

It should be noted that the restrictions were imposed by the Reserve Bank of India in December, 2020. This came amid complaints of repeated outages of the HDFC Bank’s data centres. Subsequently, the central bank decided to impose curbs on the HDFC and restricted it from bringing any new planned announcement under what is known as the Digital 2.0 programme. The RBI’s 2020 curbs also barred the HDFC Bank from sourcing new credit cards.

This article was first uploaded on March twelve, twenty twenty-two, at forty-five minutes past four in the afternoon.