HDFC Bank Issues Media Statement As RBI Lifts Ban On New Credit Cards

RBI lifts technically ban partially from HDFC Bank as it had some technical issues. RBI imposed the ban on one of the largest banks in India last year in December.

As the digital services were down, the bank could not issue the new Credit Cards to the customers. Reportedly, on August 17, 2021, RBI sent a letter mentioning that HDFC bank can now issue new CREDIT CARDs to the customers.
HDFC then issued a Media Statement in this regard. They thanked the regulator as the Reserve Bank Of India has lifted the restrictions placed on sourcing new cards. The board of the HDFC bank has taken note, and they are committed to full compliance with the regulatory directions.
They also conveyed heartfelt gratitude to their customers for their trust and faith.
Chief Executive Officer of the HDFC Bank, Mr. Sashidhar Jagdishan stated on 17th July that the bank faced affectation on business due to the RBI ban. After the ban lift, they would launch their new products. However, it may take time for the bank to get back to the situation.
As the festive season is coming, this decision of lifting the restrictions is likely to impact the HDFC bank positively.