Today RBI has given big relief to HDFC Bank, the largest private sector bank.
Today RBI has given big relief to private sector giant HDFC Bank. The central bank RBI has withdrawn all restrictions on HDFC Bank’s new Digital Business Generating Operations i.e. Digital 2.0. The bank has given this information today (March 12) in the regulatory filing of the stock exchanges. HDFC Bank has said that it will now carry on its business activities according to the provisions of RBI.
Let us inform that HDFC Bank, the country’s largest bank in the private sector, was banned by RBI in December 2020 due to technical difficulties. After the lifting of the ban, the bank said that it has used this time to prepare short, medium and long term plans according to the new digital needs of its customers, which will be implemented in the coming days.
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Banks were banned because
Private sector bank HDFC Bank was banned by RBI in December 2020. This restriction was imposed because the bank was repeatedly facing technical problems, due to which the customers of the bank were facing problems regarding digital banking. Regarding this, the RBI then barred the bank from not issuing new credit cards and making any digital debut till the technical issues were resolved.
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Ban partially lifted last year
RBI also appointed a third party auditor to review the IT infrastructure of the bank. On the basis of its audit report, HDFC Bank got approval to issue new credit cards in August 2021 last year, but still the restrictions of RBI were not completely removed, which were removed today.
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