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Home » business » RBI orders HDFC bank to halt digital launches, asks bank to stop sourcing new credit cards

RBI orders HDFC bank to halt digital launches, asks bank to stop sourcing new credit cards

The order also states that HDFC Bank’s board must examine the lapses and fix accountability.

By Newsd
Published on :

The Reserve Bank of India (RBI) has issued an order on December 2 to HDFC Bank with regards to incidents of outage in its internet banking, mobile banking, and payment utility services over the past two years.

In its order, the RBI has advised the bank to firstly temporarily stop all launches of its digital business generating activities planned under Digital 2.0 and other proposed business generating IT applications, and secondly halt sourcing of new credit card customers.

The order also states that HDFC 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 added.

“The  Bank  has always endeavoured   to  provide  seamless  digital  banking  services  to  its  customers and has  been taking  conscious,  concrete  steps  to  remedy  the  recent  outages  on  its  digital  banking  channels,” the order concluded.

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