Today has been a great start for the investors of HDFC Bank. The shares of the bank have seen a jump of 2% on Monday. The price of one share of which reached the level of Rs 1430 per share. Let us tell you, this jump in shares has been seen when all the restrictions were lifted by the Reserve Bank of India. Along with this, permission has also been given for new digital efforts.
In December 2020, the issuance of new credit cards from the bank was banned. At the same time, due to problems in the IT system, the new digital effort also suffered a setback. However, the ban on issuing new credit cards was lifted in August 2021. After which the bank performed better in the stock market.
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After the ban is lifted, platforms like Payment Hub, Customer Experience Hub can be launched by the bank. According to Jefferies, this clarity from RBI will make BAU easier than ever.
Jefferies said in a note, ‘The issues are being resolved by the bank. The ban is now a thing of the back. There has also been a boom in loans. HDFC Bank is one of our top picks at the moment. We continue to buy with an original target of Rs 2160. Let us tell you, when the action was taken by the Reserve Bank, then the customers had to face problems in internet banking, mobile banking. At the same time, Ambit has reduced the target price to Rs 1650. Earlier it was Rs 1551.