Money & Banking

New credit cards: RBI partially lifts curbs on HDFC Bank

Surabhi Mumbai | Updated on August 18, 2021

The RBI in December last year asked HDFC Bank to temporarily halt sourcing of new credit card customers.

In a major relief for HDFC Bank, the Reserve Bank of India has partially lifted the ban on the private sector lender and has allowed it to issue new credit cards.

“The bank has received a letter from the RBI lifting the restriction on sourcing of new cards,” said a person briefed on the development.

The bank will have to submit a board-approved letter of commitment to continued compliance with IT requirements, the person said, adding that it is expected the lender will submit it shortly. The restriction on digital launches will continue as of now.

The Reserve Bank of India had in December last year directed HDFC Bank to temporarily halt sourcing of new credit card customers as well as launches of digital business generating activities planned under its proposed programme Digital 2.0.

Published on August 17, 2021

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