RBI lifts ban on HDFC

A bank spokeswoman stated that the Reserve Bank of India (RBI) has lifted an eight-month ban on HDFC Bank, which is a huge relief for the private sector lender. After several issues with digital banking, cards, and payments on the bank’s platform in the last two years, the bank was stopped from issuing new credit cards and launching any new digital goods on December 3, in an unprecedented action. HDFC Bank, India’s largest credit card issuer, has lost market share in recent months as sales have slowed due to limits on issuing new cards. From November 2020 to May 2021, the number of outstanding credit cards decreased from 15.4 million to 14.9 million.

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