RBI Asks HDFC Bank To Halt Digital Launches, Sourcing New Credit Cards

The RBI has also advised the bank's board to examine the lapses and fix accountability.

HDFC Bank, HDFC, RBI, Credit Cards, Digital Launches, Digital Activity, HDFC Credit CardsThe Reserve Bank of India (RBI) has asked private sector lender HDFC Bank to halt all its digital launches as well new sourcing of credit card customers temporarily.

This comes after several customers faced a number of incidents of outages in the internet banking, mobile banking, and payment utilities over the past two years, including the recent outages in the bank’s internet banking and payment system on November 21 due to a power failure in the primary data centre.

The RBI has also advised the bank’s board to examine the lapses and fix accountability. The bank said in a statement on Thursday that it has taken several measures to fortify its IT systems over the last two years and will continue to work swiftly to close out the balance. It will also continue to engage with the RBI in this regard.

“The bank has been taking conscious, concrete steps to remedy the recent outages on its digital banking channels and assures its customers that it expects the current supervisory actions will have no impact on its existing credit cards, digital banking channels, and existing operations,” it said.

At 1:30 pm, the HDFC Bank stock was trading 1.62 per cent lower at Rs 1,384.10 per unit at the National Stock Exchange.