RBI Lifts Restrictions on HDFC Bank’s ‘Digital 2.0’ Plan. Details Here

According to the bank, it is fully committed to ensuring continued adherence to the highest standards of compliance with RBI recommendations.

New Delhi: The Reserve Bank of India has lifted the restrictions on the business generating activities planned under HDFC Bank’s ‘Digital 2.0’ programme. “We wish to inform you that the RBI vide its letter dated March 11, 2022 has lifted the restrictions on the business generating activities planned under the Bank’s Digital 2.0 programme,” the bank said in a regulatory filing on Saturday. “The members of the Board of Directors have taken note of the said RBI letter,” it said.

According to the bank, it is fully committed to ensuring continued adherence to the highest standards of compliance with RBI recommendations. “We have utilised this time to draw up short, medium, and long-term plans to meet the evolving digital requirements of our customers and we will roll out these initiatives in the days to come,” it further said.

In August last year, RBI had relaxed the restrictions on the bank and allowed the lender to issue new credit cards. However, the restrictions on all new launches of the digital business generating activities planned under ‘Digital 2.0’ were to be reviewed by the RBI.

In December 2020, the RBI directed HDFC Bank to temporarily stop all launches of the ‘Digital Business’ generating activities and sourcing of new credit card customers on certain incidents of outages in the Internet banking, mobile banking and payment utilities of the bank over the past two years.