HDFC, the largest private sector bank, has got permission to issue new credit cards. The Reserve Bank of India (RBI) gave partial permission to the bank late on Tuesday night.
In fact, on December 3 last year, the bank regulator had banned HDFC Bank from issuing new credit cards. However, banking sources said that till the introduction of new technology, the ban will continue for the time being. Also Read:Â Ration card holders are getting these big benefits with free ration for 4 months, just do this work soon
HDFC Bank spokesperson confirmed the lifting of the ban on credit cards. In the last two years, many problems related to digital banking, cards and payments were reported on the bank’s platform. Also Read:Â Indira Gandhi Credit Card Scheme: 50 thousand rupees will be available without interest
In view of this, RBI took this step. It is worth noting that HDFC Bank is the largest credit card issuer in the country. Its market share has also come down in the last few months due to the ban on issuing new cards.
HDFC Bank Group Head Parag Rao said that the bank is ready to make a strong comeback in the market once the restrictions are lifted. Rao said that the bank has submitted long term and short term plans to RBI to avoid any kind of problem in future. It is noteworthy that its total card base was 15.38 million in December, 2020, which has come down to 14.82 million in June.
