MUMBAI (Reuters) – The central bank has forbidden India’s largest private lender HDFC Bank from adding new credit card customers or launching digital businesses after its digital payment services were hit by a power failure last month.
The Reserve Bank of India has asked the bank’s board to examine the lapses and fix accountability, the lender said in a stock exchange filing on Thursday.
It said the central bank would consider lifting the curbs on “satisfactory compliance with the major critical observations” it had made.
“We are working on war footing,” said Sashi Jagdishan, Managing Director & CEO of HDFC Bank in a statement to customers published on the bank’s website. “We will work with experts and the regulator to fortify the identified areas for improvement.”
On Nov. 21, HDFC Bank’s