RBI eases HDFC Bank's restrictions, allowing them issue new credit cards

The Reserve Bank of India, (RBI), released a statement allowing HDFC Bank to issue credit cards. HDFC Bank stated that the RBI had released a letter dated August 17th 2021, which lifted restrictions on new credit card sourcing. The RBI letter has been noted by the bank's board of directors. The Reserve Bank of India has not yet reviewed the restriction on new launches of digital-business-generating activities. The lender stated that it would continue to interact with RBI and ensure compliance in all respects.

In December 2020 the RBI directed HDFC Bank that it temporarily cease all digital business generating activities and sourcing new credit card customers due to outages in Internet banking, mobile banking, and other payment utilities. HDFC Bank shares surged at an intraday high of Rs. 1,565.35 percent, or 1.75 percentage, from the previous close of the National Stock Exchange. 

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