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RBI halts HDFC Bank from issuing new credit cards

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HDFC Bank on Thursday mentioned the Reserve Bank of India (RBI) had issued an order asking the financial institution to briefly cease all new digital banking initiatives and sourcing of new credit card clients.

The order, issued on Wednesday, comes after sure incidents of outages within the Internet banking / cellular banking / cost utilities of the financial institution over the previous two years, the most recent of which occurred on November 21 because of an influence failure within the main information centre, HDFC Bank mentioned. “In addition, the order states that the bank’s Board [must] examine the lapses and fix accountability. The above measures shall be considered for lifting upon satisfactory compliance with the major critical observations as identified by the RBI,” it mentioned in a regulatory submitting.

India’s largest personal sector financial institution mentioned that over the previous two years it had taken a number of measures to fortify its IT techniques and would proceed to ‘work swiftly to close out the balance and would continue to engage with the banking regulator in this regard’.

“The bank has been taking conscious, concrete steps to remedy the recent outages on its digital banking channels and assures its customers that it expects the current supervisory action will have no impact on its existing credit cards, digital banking channels and existing operations,” it mentioned. It added these measures wouldn’t materially influence its total enterprise.

The inventory fell 2.13% on the BSE to ₹1,377.05 and was the most important loser on the Bankex.

In a letter to clients, the financial institution’s MD and CEO Sashi Jagdishan mentioned current clients shouldn’t fear and will proceed to transact with none considerations.

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