Reserve Bank of India on 17 August HDFC bank It has announced the partial removal of the applicable technology ban. This decision will come into effect from today. According to the report of CNBC TV 18, RBI has approved the issue of new cards to HDFC Bank. But the ban on launching digital offers will continue. The ban on new digital offerings will remain in place till the next review on the bank. Let us tell you that in the month of December last year, the RBI had directed HDFC Bank not to issue new cards until the technical glitches are rectified.
HDFC Bank was also barred from launching new digital products and services. The RBI had imposed these restrictions on HDFC in view of the frequent technical glitches in the company’s online platform. Due to which the bank could not issue new credit cards till now.
HDFC Bank CEO Shashidhar Jagadeesan had said a month ago on July 17 that the bank’s digital launch by the RBI has affected its business. He further said that as soon as this ban is lifted, the bank is ready to bounce back and launch new products. But it may take 12-15 months to complete this technical transformation.
Amidst this news, JP Morgan has given an overweight rating on HDFC Bank and has set a target of Rs 1800. He says that RBI has partially lifted the technology ban. Along with this, withdrawing from the new credit card is positive. The credit card business of the bank is the most profitable. At the same time, MACQUARIE has given Outperform Rating on HDFC BANK and has a target of Rs.2002 for the stock.
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