The Reserve Bank of India (RBI) has eased the limits placed on HDFC Bank as part of its Digital 2.0 initiative business-generating operations. Following several breakdowns caused by technical issues in the previous two years, the banking regulator ordered HDFC Bank to temporarily cease all digital launches as well as new sourcing of credit card clients in December 2020.
HDFC’s customers were facing issues due to limitations imposed by RBI
Customers of HDFC Bank have experienced a number of interruptions in the bank’s online banking, mobile banking, and payment services during the last two years, prompting the central bank’s action.
“The RBI eased the limits on business-generating activities planned under the Bank’s Digital 2.0 program in a letter dated March 11, 2022. HDFC Bank declared on Saturday that “the members of the board of directors have taken note of said RBI communication.” “We’d want to express our appreciation to the regulator for taking this step. The bank stated, “We are totally committed to maintaining the highest standards of compliance with RBI recommendations.”
“We’d want to take this opportunity to express our deepest gratitude to our consumers for their trust and faith in us.” We’ve used this time to develop short, medium, and long-term plans to satisfy our customers’ increasing digital needs, and we’ll be implementing these activities in the coming days. “We are pleased to be able to provide our customers with our complete range of best-in-class services once again, and to continue to serve them with devotion and humility,” the bank added.