India's largest private-sector lender HDFC Bank Ltd (HDBK.NS) said on Wednesday the country's central bank has relaxed restrictions placed on it last year on issuing new credit cards, following outages in the bank's digital payment services.
The headquarters of India's HDFC bank is pictured in Mumbai, India, December 4, 2015. REUTERS/Shailesh Andrade/File Photosaid on Wednesday the country's central bank has relaxed restrictions placed on it last year on issuing new credit cards, following outages in the bank's digital payment services.
However, restrictions on new launches related to the company's digital business will continue till further review by the Reserve Bank of India, HDFC Bank said in aThe bank has sent a board-approved letter to the Reserve Bank of India saying it will comply with all the norms, according to a source. After instances of digital outages at the bank last year affected its online services the RBI barred the bank from issuing any new credit cards in December, till further notice.
With nearly 15 million credit cards, HDFC Bank is the largest lender in the segment with nearly 24% market share. Over the last eight months, its peers such as ICICI Bank
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