RBI lifts restrictions on HDFC Bank’s new digital launches

Mumbai (Maharashtra) [India], March 12 (ANI): HDFC Bank on Saturday said the Reserve Bank of India (RBI) has lifted all the restrictions imposed on the lender regarding its business-generating activities under a programme called Digital 2.0.

“We wish to inform you that the RBI vide its letter dated March 11, 2022 has lifted the restrictions 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,” HDFC Bank said in a regulatory filing to the stock exchanges.

In December 2020, the Reserve Bank of India had directed HDFC Bank to temporarily halt all digital launches as well as new sourcing of credit card customers.

The central bank had asked HDFC Bank to halt Digital 2.0 programme after customers faced a number of incidents of outages in internet banking, mobile banking and other digital operations. (ANI)