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The Reserve Bank of India (RBI) has asked private sector HDFC Bank to stop new proposed digital initiatives. Also, the issuance of new credit cards has been temporarily banned. The RBI has given this order after recent problems in the functioning of the data center of the country’s largest bank in the private sector. This affected the bank’s operations last month. HDFC Bank gave information about this on Thursday. After this information became public, the bank’s shares saw a decline.
HDFC Bank has informed the stock exchanges that RBI passed an order to HDFC Bank Limited on December 2, 2020 regarding the problems faced by HDFC Bank in Internet Banking / Mobile Banking / Payment Utilities in the last two years.
HDFC Bank has informed that RBI in its order advised the bank to temporarily stop all activities related to digital business, generating IT applications and creating new credit card customers under its Digital 2.0 program.
HDFC Bank has stated that the RBI in its order directed the bank’s board to investigate the flaws and fix accountability.
The bank has said that these restrictions will be considered after satisfactory resolution of the flaws identified by RBI.
HDFC Bank has said that in the last two years it has taken various steps to strengthen its IT system and it will continue to work promptly towards fixing other things and this time communicating with the regulator Will continue
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