March 15, 2022
1 min read

RBI’s restrictions on ‘HDFC Digital 2.0’ removed

According to the bank, it is fully committed to ensuring continued adherence to the highest standards of compliance with RBI recommendations…reports Asian Lite News

The Reserve Bank of India has lifted the restrictions on the business generating activities planned under HDFC Bank’s ‘Digital 2.0’ programme.

“We wish to inform you that the RBI vide its letter dated March 11, 2022 has lifted the restrictions on the business generating activities planned under the Bank’s Digital 2.0 programme,” the bank said in a regulatory filing on Saturday.

“The members of the Board of Directors have taken note of the said RBI letter.”

According to the bank, it is fully committed to ensuring continued adherence to the highest standards of compliance with RBI recommendations.

“We have utilised this time to draw up short, medium, and long-term plans to meet the evolving digital requirements of our customers and we will roll out these initiatives in the days to come.”

In August last year, RBI had relaxed the restrictions on the bank and allowed the lender to issue new credit cards.

However, the restrictions on all new launches of the digital business generating activities planned under ‘Digital 2.0’ were to be reviewed by the RBI.

In December 2020, the RBI directed HDFC Bank to temporarily stop all launches of the ‘Digital Business’ generating activities and sourcing of new credit card customers on certain incidents of outages in the Internet banking, mobile banking and payment utilities of the bank over the past two years.

ALSO READ-Tesla faces inflationary pressures

Previous Story

Maserati Boomerang @50, still looks extreme futuristic

Next Story

Shadowboxing is Ritika’s favourite thing in the world

Latest from Business

India’s Millionaire Wealth Surges

Strong equity markets and investor optimism around artificial intelligence (AI) played key roles in bosting returns and overall wealth creation India recorded a robust 8.8 per cent rise in high-net-worth individual (HNWI)

IMEC Touted as Game-Changer for India’s Growth

The event brought together experts from the governments, academia, industry and private businesses across the globe…reports Asian Lite News The India-Middle East-Europe Economic Corridor (IMEC) has the potential to be a “game-changer”

Accel Puts India’s AI Power in the Spotlight

Under the theme “Engineering India’s AI Advantage,” the exclusive, invite-only event will bring together leading AI founders, researchers, tech CXOs, policymakers, and global investors….reports Asian Lite News Global venture capital firm Accel

Nvidia slams US chip export curbs as ‘failure’

Jensen Huang said the US move has backfired by accelerating China’s self-sufficiency in semiconductors and diminishing American dominance in the global chip market…reports Asian Lite News Nvidia CEO Jensen Huang has sharply

SEBI Warns on Strata Exit

Strata was one of the first platforms to register under SEBI’s newly introduced SM REIT framework, which was designed to regulate fractional ownership in real estate and allow investors to pool capital
Go toTop

Don't Miss

RBI to pay Rs 30,307 crore dividend to govt for FY22

As per a framework, the RBI has to maintain a

RBI Eyes Status Quo on Rates

According to credit rating agency CARE Ratings, the RBI will