RBI Takes Strict Action Regarding HDFC Bank New Credit Cards

RBI takes strict action regarding HDFC Bank, ban on issuing new credit cards, know what is the reason.

The Reserve Bank of India (RBI) has asked private sector HDFC Bank to stop new proposed digital initiatives. Also, the issuance of new credit cards has also been banned.

The RBI has given this order after recent problems in the functioning of the data center of the country’s largest bank in the private sector. This affected the bank’s operations last month.

HDFC Bank gave information about this on Thursday. After this information became public, the bank’s shares saw a decline.

HDFC Bank has informed that the RBI in its order advised the bank to temporarily stop all activities related to digital business, generating IT applications, and creating new credit card customers under its Digital 2.0 program.

HDFC Bank has stated that the RBI in its order directed the bank’s board to investigate the flaws and fix accountability.

The bank has said that these restrictions will be considered after a satisfactory resolution of the flaws identified by RBI.

HDFC Bank has said that in the last two years it has taken various steps to strengthen its IT system and it will continue to work promptly towards fixing other things and this time communicating with the regulator Will continue

HDFC Bank’s share price was trending down by Rs 15.95, or 1.13 percent, to Rs 1,391.00 on the NSE at 12:26 pm.

At the same time, shares of SBI Cards saw a boom after this. At 12:27 pm, the share price of SBI Cards was trending at 834.70 points with a gain of Rs 37.75 i.e. 4.74%.

Services PMI: Strong growth in services sector activities for the second consecutive month, employment opportunities increased for the first time in nine months

The services sector in India also saw a strong recovery in the month of November. Business-related activities were forced by the new orders and for the first time in nine months, there was growth on the employment front.

This has been said in a monthly survey released on Thursday. According to a recent survey by IHS Market, the services PMI stood at 53.7 in November.

Although it has seen a slight decrease as compared to October’s 54.1, it indicates strong growth in the services sector for the second consecutive month. Above 50 increases on the PMI while the figure below shows a contraction.