Why did RBI put ban on HDFC credit card?

The central bank had in August lifted the partial ban on HDFC Bank allowing it to resume issuing credit cards. The embargo was enforced in December 2020. The curbs were imposed on the bank owing to multiple glitches in its internet and mobile banking systems over the past two years.

Why did HDFC stop issuing credit card?

On December 3 last year, RBI barred HDFC Bank from issuing new credit cards and introducing new digital products after multiple glitches linked to digital banking, cards and payments on the bank’s platform were reported in the past two years. HDFC Bank lost market share in credit cards while its rivals gained.

Is HDFC credit card banned?

HDFC Bank has issued 4 lakh credit cards since the Reserve Bank of India (RBI) lifted a regulatory embargo on issuance of new cards by the lender in August. The largest private bank by assets plans to relaunch three credit card products, which will be available to customers in October, it said on Wednesday.

Has HDFC Bank stopped RBI credit card?

India’s banking regulator late Tuesday lifted an eight-month ban on HDFC Bank from issuing new credit cards in virtual endorsement of new chief executive Shashidhar Jagdishan’s efforts to transition to a robust technology platform, which simultaneously ensures compliance and establishes the future-ready credentials of …

Is HDFC started giving credit card?

After eight months of “restrictions”, the Reserve Bank of India (RBI) has allowed HDFC Bank to start issuing new credit cards. However, the RBI restrictions on the bank’s new offerings under its Digital 2.0 strategy will remain. The bank had 1.48 crore credit card customers as of June.

When RBI will lift ban on HDFC credit card?

RBI lifts ban on HDFC Bank issuing credit cards On December 3, in an unprecedented move the bank was barred from issuing new credit cards and launching any new digital products after multiple issues linked to digital banking, cards and payments on the bank’s platform in the last two years.

Can HDFC issue new credit cards?

In a partial relief to HDFC Bank, the largest private sector bank of the country, the Reserve Bank of India (RBI) has allowed the lender to issue new credit cards, sources in the bank said. HDFC Bank is by far the largest credit card issuer in the country, and remains so even after the ban.

Is HDFC credit card ban lifted?

HDFC Bank Limited has issued 4 lakh credit cards after the Reserve Bank of India (RBI) lifted its ban on HDFC Bank, the bank has said. India’s largest private lender HDFC Bank Limited has issued 4 lakh credit cards after the Reserve Bank of India (RBI) lifted its ban on HDFC Bank, the bank has said.

Is ban on HDFC credit card lifted?

Does HDFC issue credit card now?

With the Reserve Bank of India (RBI) lifting the embargo on HDFC Bank on issuing new credit cards, the lender is now looking to get back to its pre-embargo run rate of issuing 300,000 cards per month in the next 2-3 months.

Why did RBI ask HDFC Bank to stop issuing credit cards?

Mumbai: On 2 December, the Reserve Bank of India (RBI) asked HDFC Bank, the largest private sector lender in the country, to halt all launches of its digital business generating activities under its programme Digital 2.0 and also asked the bank to stop issuing credit cards to new customers.

Why is HDFC Bank not accepting credit card applications?

Originally Answered: Why is HDFC Bank not accepting credit card applications? RBI has recently put an embargo on HDFC bank to roll out technology products under digital 2.0 program and sourcing new Credit Card Customers, though it temporary. What happens if anyone misses the HDFC credit card payment date by 10 days?

Did HDFC Bank violate RBI’s guidelines on business continuity planning?

But, in HDFC Bank’s case that did not kick in flouting the RBI’s guidelines on Business Continuity Planning, which state that the recovery time objective (RTO), “must ensure that the Minimum Tolerable Period of Disruption (MTPD) for each activity is not exceeded.”

What is the HDFC Bank outage?

HDFC Bank outage: The RBI also noted the recent outages in the HDFC Bank’s internet banking and payment system on November 21, 2020 owing to a power failure in the primary data centre. A man walks towards an HDFC Bank Ltd. branch in Mumbai, India, on Saturday, April 21, 2018.