The Reserve Bank of India (RBI) on Tuesday allowed HDFC Bank to issue new credit cards after 8 months of imposing a ban as a penalty due to technical glitches, reported news agency Reuters. However, RBI stated that its temporary ban on the lender for introducing new, digital initiative continues, the report added. As per other reports, the central bank has asked the lender to submit a board-approved letter indicating continued compliance with its IT examination report. In December, the RBI acted against repeated technological outages at HDFC Bank over two years by slapping unprecedented penalties, which included a ban on any new credit card issuance and also prohibition on launching new digital initiatives. HDFC Bank is not the only bank to suffer RBI's harsh penalties over months.

Source: Mint August 17, 2021 14:37 UTC