Mumbai, First Published Mar 12, 2022, 4:41 PM IST
The Reserve Bank of India (RBI) today lifted all restrictions on the launch of the HDFC Bank Digital 2.0 project.
Prohibition
HDFC launched Digital 2.0 in 2020 to expand its banking-related business. However, due to technical problems with HDFC Bank, the Reserve Bank of India (RBI) has ordered HDFC Bank to suspend its introduction of the Digital 2.0 program, business expansion and IT application development.
The Reserve Bank of India (RBI) has instructed HDFC Bank to eliminate the problems with each technology. It said sanctions would be lifted once all complaints were resolved and satisfactory operation was in place.
Credit card lifting
Even in an order issued by the Reserve Bank in August last year, HDFC Bank had allowed the sale of credit cards to new customers. But, these restrictions are not excluded. The bank also apologized to HDFC Bank, its shareholders, managing directors and customers for the setback.
Permission
In this context, the Reserve Bank announced today that it will lift the sanctions imposed on HDFC Bank in 2020. In a statement, HDFC Bank said, “The Reserve Bank of India has approved the Digital 2.0 project launched by HDFC Bank for business expansion.
We will provide the best service
We would like to inform all the customers, partners and managers that all the restrictions of the last two years have been removed. We will continue to provide high quality services under the guidance of the Reserve Bank. HDFC Bank thanks the Reserve Bank for lifting the ban.
We used this restriction to limit the digital demand as per the short, medium and long term plans of the customers. We will continue to provide digital services to our customers in the best possible way.
Thus it is stated
Last Updated Mar 12, 2022, 4:42 PM IST