HDFC Bank says restrictions on all new launches of the Digital Business generating activities planned under Digital 2.0 will continue till further review by the RBI
Synopsis
The bank is working on multiple immediate and long-term solutions as part of its internal review. “The action plan that the bank is working on could take anywhere between 10-12 weeks to implement,” said one of the persons.
HDFC Bank, which issues nearly 150,000 credit cards a month, had been directed by the regulator to stop doing so on December 12 until it had sorted out the problems.
Mumbai:
HDFC Bank has submitted a plan to the Reserve Bank of India (RBI) outlining remedies for repeated glitches in the bank’s technology platform over the past three years, said people with knowledge of the matter. It’s awaiting a response from the regulator on when restrictions imposed in December on new card acquisition will be lifted, they said.