Rbi Lifts All Curbs On Hdfc Bank, Including Launch Of New Digital Products

The Reserve Bank of India (RBI) has lifted all restrictions on private lender HDFC Bank’s business generating activities planned under the Bank’s Digital 2.0 program. Following repeated outages, the central bank had in 2020 restricted the bank from launching any new digital products, services and issuing new credit cards until the lender resolved all the technical issues.

Later in September 2021, the RBI provided a partial relaxation by lifting restrictions on the issuance of new credit cards by the HDFC bank. The recent move relaxed all restrictions barring the launch of digital business generating activities under the HDFC Bank’s ‘Digital 2.0’ program.

After RBI’s ban, the HDFC bank had apologised to its customers and stakeholders. The bank said it took steps to improve its services and has utilised this time to create, short-, medium- and long-term plans to meet customers’ digital requirements, reported the Hindu Business Line.

“We would like to inform one and all that the Reserve Bank of India has lifted the restriction on the business generating activities planned under the Bank’s Digital 2.0 program. The members of the Board of Directors have taken note of said RBI letter,” the bank said in a stock exchange filing.