Private sector HDFC Bank has got a big relief from the Reserve Bank of India (RBI). RBI has lifted the ban on the digital launch of the bank.
What’s the matter: In the year 2020, the RBI had imposed many restrictions in view of the repeated problems in the data center of HDFC Bank. It also included a ban on adding new credit card customers. Apart from this, the RBI had also directed the bank board to examine the lapses and fix accountability. However, in August last year, the moratorium on the bank was partially lifted. Now after the new decision, the way has been opened for the bank to complete the new business plan.
What the bank said: In a briefing to the stock exchanges, HDFC Bank said that it is fully committed to ensuring continued adherence to the highest standards of compliance with the RBI’s recommendations. The bank said, “We have utilized this time to formulate short, medium and long term plans to meet the evolving digital needs of our customers. We will be launching these initiatives in the coming days. We are glad to have a Will again be able to provide our customers with best-in-class services.”
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Shares of HDFC Bank: On Friday, the share price of the bank rose by 0.35 percent to reach the level of Rs 1397. Talking about the market capital, it is Rs 7,74,463.18 crore.