What are the restrictions on HDFC Bank that RBI has now removed?

RBI has confirmed that it has lifted all the pending restrictions on HDFC Bank, which had imposed on the bank in December 2020. As a result, HDFC Bank can now launch new digital products without any restrictions. Back in Dec-20, HDFC Bank had been instructed by the Reserve Bank of India to halt any new or fresh launches under its digital banking initiative. It had also been asked to desist from sourcing new credit card customers.

The restrictions on credit card issue has been withdrawn some six months ago and post that the bank has been permitted to issue fresh credit cards, which they had bene pursuing with a lot of aggression. With the latest announcement from the RBI, HDFC Bank can offer the full suite of services. This was based on the outcome of the IT audit.