HDFC Bank announced on Saturday that the Reserve Bank of India (RBI) has lifted all restrictions imposed on its business-generating activities.
“We would like to inform everyone that the Reserve Bank of India has lifted the restriction on the activity generation activities planned under the Bank’s Digital 2.0 program,” the private lender said in a grant application.
By September 2021, the central bank had lifted restrictions on HDFC Bank from issuing new credit cards.
Previously, in December 2020, RBI had barred HDFC Bank from launching new digital products or services and issuing new credit cards until it resolved recurring technical issues.
HDFC Bank said it is fully committed to ensuring the highest standards of compliance with the RBI recommendations are met.
“We have used this time to build short, medium and long term plans to meet the evolving digital needs of our customers and we will be rolling out these initiatives in the coming days. We are pleased to be able to once again to provide our customers with our full suite of best-in-class services and continue to serve them with dedication and humility,” it said.
In December 2020, RBI had asked HDFC Bank to halt all launches of its upcoming digital business generating business and sourcing of new credit card customers after repeated outages at its data center, impacting operations.