The bank has completed 85 per cent compliance with the Reserve Bank of India’s (RBI) instructions related to technology and the ball is now in the court of the Reserve Bank to lift the ban on issuance of new credit cards.
HDFC Bank’s Managing Director and Chief Executive Officer (CEO) Shashidhar Jagadishan said that the bank has completed 85 per cent compliance with the Reserve Bank of India (RBI) directives related to technology and new credit cards. The ball is now in the court of the Reserve Bank to remove the ban on issuance. Addressing its first annual general meeting as the executive head of the country’s largest private sector bank, Jagadeesan said the technology probe has been completed and the central bank is now looking to remove the punitive action taken against the bank. Will consider it independently.
Explain that due to technology-related lapses in HDFC Bank, the RBI in December 2020, taking unprecedented action against lenders, prohibited the issuance of new credit cards by it. HDFC Bank was the market leader in this area. Along with this, the bank was also banned from bringing any kind of new digital offering.
Ban can be removed from the bank
Jagdishan said, we have set an example in terms of our action on technology, following the advice and instructions of the regulator. By this time we have completed a major part. About 85 per cent of what was expected of us has been accomplished. He said, the ball is now in the court of the regulator. As they see fit, as they see that we are on the right track, I am sure that at some point, they will lift the bar.
There was a jump of 14.36 percent in profit in the June quarter
HDFC Bank, the country’s largest private sector bank, has announced the result for the June quarter. The consolidated net profit of the bank registered a growth of 14.36 percent on a yearly basis and stood at Rs 7922 crore. The bank had a consolidated net profit of Rs 6,927.24 crore in the April-June quarter a year ago.
The bank’s net profit declined in the quarter ended June as compared to the March quarter. It was Rs 8,433.78 crore in the January-March quarter. The bank’s single net profit stood at Rs 7,729.64 crore in the quarter ended June. It was Rs 6,658.62 crore in the same period a year ago, while it was Rs 8,186.51 crore in the quarter ended March 2021.
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