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HDFC Bank confirms RBI lifting restrictions on sourcing new credit cards: Shares up !

RBI has partially lifted the ban of HDFC Bank, allowing it to start sourcing new credit cards.

HDFC Bank released a board-approved statement Wednesday confirming the Reserve Bank of India has lifted the restriction placed on the sourcing of new credit cards. The statement states the bank’s intent to abide by the regulator’s directions on taking steps to remedy the tech issues faced by the banks.

“We would like to inform all that the Reserve Bank of India has lifted the restrictions placed on sourcing of new credit cards. We thank the regulator for this. The board has taken note of the same and the bank is committed to full compliance with the regulatory directions,” the bank said Wednesday.

RBI has partially lifted the ban of HDFC Bank, allowing it to start sourcing new credit cards. HDFC Bank was required to submit this letter of commitment towards continued compliance and to achieve full compliance with the remaining observations of the central bank’s IT examination report.

The central bank had put the bank under an embargo almost eight months ago in December 2020 due to a series of technical glitches in its software. Even now, the RBI has continued a ban on its new offering under the bank’s Digital 2.0 strategy.

“The restrictions on all the new launches of the Digital Business generating activities planned under Digital 2.0 will continue till further review by the regulator,” the bank said in the statement.

The shares of HDFC Bank have surged over 3 percent in the morning trade on Wednesday. The shares surged to rs 1,564.75 on BSE in early deals. The stock was the top boost for headline indices Sensex and Nifty50.

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