RBI orders HDFC Bank to halt its digital launches

The Reserve Bank of India (RBI) has issued an order to HDFC Bank with regard to certain incidents of outages in the internet banking, mobile banking and payment utilities of the lender over the past 2 years, the private sector bank informed to the stock exchanges. The RBI also noted the recent outages in the HDFC Bank’s internet banking and payment system on November 21, 2020, owing to a power failure in the primary data centre.

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The RBI vide Order has advised the Bank to temporarily stop:

i) All launches of the Digital Business generating activities planned under its program ‐ Digital 2.0 (to be launched) and other proposed business generating IT applications.
(ii) Sourcing of new credit card customers.
(iii) In addition to this, the order also states that HDFC Bank’s board should examine the lapses and fix accountability.

Important takeaways for all competitive exams:

• Headquarters of HDFC Bank: Mumbai, Maharashtra.
• MD and CEO of HDFC Bank: Sashidhar Jagdishan(Succeeds Aditya Puri).
• The tagline of HDFC Bank: We understand your world.

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