HDFC Bank share price falls after RBI's order to pause new credit card customers

HDFC Bank share price falls after RBI's order to pause new credit card customers

Shares of HDFC Bank witnessed a sudden fall of over a percent after the Reserve Bank of India (RBI) asked the private lender to stop sourcing new credit card customers and halt the launch of business activities planned under the Digital 2.0 program, taking note of recent outages in internet banking.

The stock opened in the green and rose almost 2 percent before witnessing a sudden selling after it the bank in a BSE filing reported about RBI's order.

The central bank on December 2, 2020, advised the bank to firstly, temporarily stop all launches of its digital business generating activities planned under Digital 2.0 and other proposed business generating IT applications, and secondly halt sourcing of new credit card customers.

“The above measures shall be considered for lifting upon satisfactory compliance with the major critical observations as identified by the RBI,” it added.