HDFC Bank has got a big relief from RBI in the matter of credit card ban. HDFC Bank said on Wednesday that the RBI has given relief in the credit card restrictions imposed on it. In December and February, the RBI had barred HDFC Bank from introducing new credit cards after some glitches in its internet banking, mobile banking and payment utilities. With the confirmation of the lifting of the ban, HDFC Bank shares gained three per cent in early trade itself.
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Preparations for a strong comeback in the card market
HDFC Bank spokesperson has confirmed the lifting of the ban on the bank. HDFC Bank is the largest credit card issuer in the country. Its market share had eroded in the last few months due to the ban on issuing new cards. Its total card base was 1.538 crores in December, which came down to 1.48 crores in June. After this decision, the shares of HDFC Bank are registering an increase. HDFC Bank Group Head (payments, consumer finance, digital banking and IT) Parag Rao said that the bank is ready to make a strong comeback in the market after the ban is lifted. Rao said that the bank has submitted long term and short term plans to RBI to avoid any problems on the platform in future.