Halt issuing new credit cards: RBI to HDFC post outrages

Source: Reuters

The Reserve Bank of India (RBI) ordered HDFC Bank, India’s largest private lender, to temporarily stop launching any digital banking activities and sourcing new credit card customers. This came after the bank suffered its third disruption in the past two years. The order by the RBI advised the bank’s board to ‘examine the lapses and fix accountability’.

“The bank over the last two years has taken several measures to fortify its IT systems and will continue to work swiftly to close out the balance and would continue to engage with the Regulator in this regard,” the bank told Economic Times.


Sanskriti Falor