HDFC Bank new credit card issuance, digital launched banned by RBI

Watch in this video, due to glitches in HDFC Bank service, RBI has banned the digital launch and distribution of new credit cards of the bank. The Reserve Bank of India has asked the bank`s board to examine the lapses and fix accountability for the failed transactions. "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." On Nov. 21, HDFC Bank`s digital payments business went down for more than 12 hours following a power outage in its primary data center. The lender faced similar outages in Nov. 2018 and Dec. 2019.