RBI lifts all restrictions on HDFC Bank's new digital launches

Tags: Economics/Business

Reserve Bank of India has lifted the restriction placed on the largest private bank , HDFC Bank digital business plan . In December 2020, RBI imposed a ban on the bank from new digital launches and getting new customers for its credit card business.

• This was done by the RBI after it received complaints from the bank customers of glitches in the bank's internet banking and mobile banking based services.

• In August 2021, RBI lifted the ban on its credit card business but the restriction on its new digital launches was not lifted. Now all the restrictions have been removed.

Important for Exams 

• The Largest issuer of Credit cards in India : HDFC Bank 

• The second largest issuer of credit  is SBI and then ICICI bank 

• The largest issuer of Debit Cards in India : SBI .

HDFC Bank 

• It is the largest private bank in India .

• It is the second largest bank in India after SBI

• The headquarter of HDFC bank is Mumbai. 

•  Chief Executive Officer (CEO): Shashidhar Jagdhisan