SunstarTV Bureau: The Reserve Bank of India (RBI) has instructed India’s largest private lender HDFC Bank to temporarily suspend all digital launches for the time being.
The order to stop issuing new credit cards as well as halt the launch of new digital businesses came in view of the outages of HDFC’s internet banking services over the past two years, including recent outrage on November 21.
HDFC Bank, however have assured the public that the apex bank’s order will not hamper existing credit cards, digital banking channels or existing operations.
“The Bank over the last two years has taken several measures to fortify its IT systems and will continue to work swiftly to close out the balance and would continue to engage with the Regulator in this regard,” said HDFC Bank.
Here are the RBI’s instructions:
- Suspend all launches of the digiotal business generating activities planned under its programme- Digital 2.0 (to be launched)- and other proposed business generating IT applications.
- Stop sourcing new credit card customers
- Examine the lapse and fix accountability
