The Reserve Bank of India (RBI) has lifted the restrictions that were placed on the fresh digital launches of HDFC Bank, according to the private lender.
"The Reserve Bank of India has lifted the restriction on the business generating activities planned under the Bank’s Digital 2.0 programme, vide its letter dated March 11, 2022. The same has been notified to the Stock Exchanges on March 12, 2022," HDFC Bank said.
The curbs were imposed by the central bank in December 2020 after repeated outages at the lender's data centre. The restrictions barred HDFC Bank from launching any of the activities planned under the Digital 2.0 programme as well as the sourcing of new credit cards.
The RBI had also asked the bank to fix accountability in the matter pertaining to the data centre outages, and examine reasons behind the lapses.
In August last year, the curbs were partially eased to allow the lender to issue new credit cards. HDFC Bank had, back then, claimed that it issued a record number of credit cards after the restrictions were partially eased.
On the Reserve Bank's decision to lift the remaining curbs, HDFC Bank said it extended its "gratitude" to the banking sector regulator. "We are fully committed to ensuring continued adherence to the highest standards of compliance with RBI recommendations," it added.
"We have utilised this time to draw up short, medium, and long-term plans to meet the evolving digital requirements of our customers and we will roll out these initiatives in the days to come," it further said.