Get All Access for $5/mo

RBI Bars HDFC Bank From Acquiring New Credit Card Customers, Digital Launches These strictures come on the back of several instances of technical glitches and outages on internet banking, mobile banking over the last two years

By Shipra Singh

You're reading Entrepreneur India, an international franchise of Entrepreneur Media.


The Reserve Bank of India has directed HDFC Bank to temporarily stop sourcing new credit card customers and all digital business launches under its Digital 2.0 initiative.

These strictures come on the back of several instances of outages on internet banking, mobile banking over the last two years.

The private bank said in a statement that the RBI has issued an order dated Dec. 2, 2020, "with regard to certain incidents of outages in internet banking/ mobile banking/ payment utilities of the bank over the past two years, including the recent outages in the bank's internet banking and payment system on Nov. 21, 2020, due to a power failure in the primary data centre."

The central has asked HDFC to temporarily stop "all launches of digital business generating activities planned under its program Digital 2.0, other proposed business generating IT applications and sourcing of new credit card customers."

The country's largest private bank had recently faced outages in its internet banking and payment system on November 21 this year due to a power failure in its primary data centre.

Last year in December, HDFC's customers had reported disruption in digital payments services for two consecutive days that resulted in default in EMI and credit card bill payments for some users. The bank had quoted "a technical glitch' the issue behind the disruption.

Prior to that, the bank had launched its net-banking app which gathered strong criticism for its various technical glitches, forcing the bank to rollback the app.

RBI in its order has directed the bank's board to examine the lapses and fixes accountability.

Shipra Singh

Entrepreneur Staff

Freelance Journalist


10 Public Speaking Lessons From Prime Minister Narendra Modi

From keeping the audience's attention to inspiring and mesmerizing them, There are a lot of speaking lessons that we can take from the Prime Minister

Social Media

Five Indian film producers are exploring business beyond cinema

Very recently, the Ahmedabad-based ice cream brand Hocco raised funds, and among many, they have two angel investors from Bollywood: Farhan Akhtar and Ritesh Sidhwani. From Karan Johar to Alia Bhatt, Rana Daggubati to Ronnie Screwvala, there are film producers who are expanding their horizons as business visionaries by investing in different sectors. Here we take a look at some of such personalities.

Business Ideas

63 Small Business Ideas to Start in 2024

We put together a list of the best, most profitable small business ideas for entrepreneurs to pursue in 2024.

Starting a Business

I Left the Corporate World to Start a Chicken Coop Business — Here Are 3 Valuable Lessons I Learned Along the Way

Board meetings were traded for barnyards as a thriving new venture hatched.

Side Hustle

The Side Hustle He Started in His College Apartment Turned Into a $70,000-a-Month Income Stream — Then Earned Nearly $2 Million Last Year

Kyle Morrand and his college roommates loved playing retro video games — and the pastime would help launch his career.


ChatGPT is Becoming More Human-Like. Here's How The Tool is Getting Smarter at Replicating Your Voice, Brand and Personality.

AI can be instrumental in building your brand and boosting awareness, but the right approach is critical. A custom GPT delivers tailored collateral based on your ethos, personality and unique positioning factors.