InvestorQ : What exactly is the reason why the RBI imposed the digital ban on HDFC bank and will it impact customers?
Mitali Bhutta made post

What exactly is the reason why the RBI imposed the digital ban on HDFC bank and will it impact customers?

Answer
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6 months ago
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With a series of halts and transaction failures faced by the digital customers of HDFC bank, the RBI has moved into action and barred them from fresh digital customers including credit card customers till they put the technology house in order. Customers have been complaining about credit card, online banking and UPI transactions getting failed.

HDFC Bank Ltd has been instructed to halt launching new digital banking initiatives and freeze credit card issuance until the lapses that led to the glitches are fully addressed. The new CEO of HDFC Bank, Sasidhar Jagdishan, has reassured existing clients that there was no reason to worry as it would not impact routine digital transactions.

HDFC Bank CEO also hinted that some of the bank's strategic digital initiatives that were intended to improve the customer experience could get delayed. Even plans to launch the next generation of mobile and internet banking may be delayed because of the RBI order. The bank had reported a series of such glitches and in the recent past its UPI glitches were almost becoming a torrent. HDFC Bank also has its own wallet by the name of Payzapp.
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