The Reserve Bank of India (RBI) had imposed some restrictions on the country’s largest private sector lender HDFC Bank due to technical glitches. After this, RBI on August 17, giving a big relief, lifted the ban on digital services from HDFC Bank.
New Delhi. The country’s largest private sector lender HDFC Bank has issued an average of 11,110 credit cards every day since the lifting of restrictions imposed by the Reserve Bank of India in August 2021. The bank said that after the lifting of the ban on its digital banking services, it has issued more than 4 lakh credit cards till September 21, 2021, which is a record and big jump.
‘The bank will make up for the loss during the ban’
Parag Rao, Head of Payments, Consumer Finance, Digital Banking and IT, HDFC Bank said that the private sector lender will make credit cards more rapidly to compensate for the loss during the ban. can go He said the bank has used the lockdown period to improve its credit card portfolio, strengthen products and partnerships, and innovate. The bank added a record new credit card users in 36 days between September 21, 2021, since the ban was lifted on August 17. For this, the bank has given the best facilities to the customers keeping every segment in mind.
Why and what was imposed by RBI, Ban
Rao said that this is the highest number of new credit cards in the banking industry in such a short time. This is a milestone for us. He said that we are working on a strategy to achieve continuous growth. Explain that in the last two years, due to technical flaws on many issues related to digital banking, cards and payments on the bank’s platform, RBI took action and banned the issuance of new credit cards and launching any new digital product. HDFC Bank is at the fore in the country in terms of issuance of credit cards, but since December 2020 itself, the market share was reduced due to the ban on issuing new credit cards to the bank.
