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RBI Has Lifted All Curbs On Business Generation Activities, Says HDFC Bank

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HDFC Bank has said that all restrictions imposed by RBI on it have been liftedHDFC Bank on Saturday informed that the Reserve Bank of India (RBI) has lifted all restrictions imposed on its business generating activities."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 programme," the private lender said in a stock exchange filing.In September 2021, the central bank had lifted restrictions on HDFC Bank on issuing new credit cards.Prior to this, in December 2020, RBI had barred HDFC Bank from launching any new digital products or services and issuing new credit cards till it resolved recurring tech issues.HDFC Bank said it is fully committed to ensuring continued adherence to the highest standards of compliance with RBI recommendations."We have utilised this time to draw up short, medium, and long-term plans to meet the evolving digital requirements of our customers and we will roll out these initiatives in the days to come.

We are happy that we will once again be able to offer our customers our full suite of best-in- class services and continue to serve them with dedication and humility," it said.In December 2020, RBI had asked HDFC Bank to stop all launches of its upcoming digital business-generating activities and sourcing of new credit card customers after repeated outages at its data centre, which impacted operations.




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