RBI puts HDFC’s credit card biz on hold
The Reserve Bank of India (RBI) has barred the country’s largest private lender HDFC Bank from adding new credit card customers or launching digital businesses after its digital payment services were disrupted due to a power outage last month.
HDFC has stated in a stock exchange filing on Thursday that the RBI has asked the bank’s board to examine the lapses and fix accountability for the lapse.
It said the central bank would consider lifting the curbs on “satisfactory compliance with the major critical observations” it had made.
On Nov. 21, HDFC Bank’s digital payments business went down for more than 12 hours following a power failure in its primary data centre. The lender had faced similar outages in November 2018 and December 2019.
“We are working on war footing,” said Sashi Jagdishan, Managing Director & CEO of HDFC Bank in a statement to customers published on the bank’s website. “We will work with experts and the regulator to fortify the identified areas for improvement.”.
A passenger plane flying from Azerbaijan to Russia crashed near the city of Aktau in…
Union Home and Cooperation Minister Amit Shah on Wednesday dedicated more than 10,000 newly established…
Apple has confirmed that the upcoming iOS 18.2.1 update is in the works for iPhone…
Residents of the Qamri area in Astore district in Pakistan-occupied Gilgit Baltistan(PoGB), are facing a…
A passenger plane travelling from Azerbaijan to southern Russia with 67 people on board crashed…
Prime Minister Narendra Modi on Wednesday inaugurated and laid the foundation stone of multiple development…