RBI lifts all restrictions on HDFC Bank's new digital launchesHDFCBANK - 1653 Change: 22.75 (1.40 %)
News: The Reserve Bank of India (RBI) has lifted restrictions imposed on HDFC Bank regarding its business generating activities planned under the Digital 2.0 programme. In December 2020, RBI had directed HDFC Bank to temporarily halt all digital launches as well as new sourcing of credit card customers, following various outages the bank faced due to technical glitches in the past two years.
Views: This moves comes as a positive for HDFC Bank as this will paddle growth opportunities. The bank had 96% transactions occurring digitally. The bank maintains a healthy market share across digital channels – 18% share in POS terminals, 9%, 27% in debit, credit card spends, respectively, and 23% in outstanding credit cards as of 9MFY22. The bank has been expanding its presence in the semi-urban and rural regions, which is enabling it to capitalise on the growth opportunities.