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RBI gives big relief to HDFC Bank, lifts ban on issuing credit cards

By Ruchi Upadhyay 
Updated Date

New Delhi: HDFC Bank Credit Card: Reserve Bank of India (RBI) has given big relief to private sector giant HDFC Bank. The Reserve Bank has lifted the ban on HDFC Bank’s credit card issuance. The bank was banned from issuing credit cards for the last 8 months. That is, the bank can now issue new credit cards.

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Was banned last year

Let us tell you that in the last two years, due to technical glitches on many issues related to digital banking, cards and payments on the bank’s platform, the Reserve Bank on December 3 last year took a strict step and banned the issuance of new credit cards of HDFC Bank. Apart from this, the bank was also barred from launching any new digital product.

HDFC Bank’s share in the market decreased

HDFC Bank spokesperson has confirmed the lifting of the ban by RBI. HDFC Bank is the largest credit card issuer in the country. Due to the ban on issuance of new cards, its market share has come down in the last few months. Its total card base was 15.38 million in December which has come down to 14.82 million in June. However, at the end of June, the bank’s senior management had claimed that after the ban was lifted, the bank would compensate for this loss. Parag Rao, Group Head (payments, consumer finance, digital banking and IT), HDFC Bank said that the bank is ready to make a strong comeback in the market once the ban is lifted, adding that to avoid any problems on the platform in future. For this the bank has submitted long term and short term plans to the Reserve Bank.

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Bank will increase focus on IT infra

According to the information given by HDFC Bank, Enterprise Factory will upgrade the old infrastructure, separate the existing system. The bank said that it will recruit 500 people with experience in various technical fields in the next two years. This includes areas such as data analyst, artificial intelligence, machine learning, design, cloud etc. The bank says that since our inception, we have led the digital transformation of the Indian financial services sector and continue to invest in technology to enhance customer experience and enhance efficiency.

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