RBI to HDFC Bk to stop sourcing new Credit Card customers

RBI has issued an order dated December2,2020 to HDFC BANK with regard to the certain incidents to outages in the internet banking/mobile banking/payment utilities of the bank over the past 2years, including the recent outages in the bank’s internet banking and payment system in Nov21,2020 due to a power failure in the primary data centre.
RBI vide said Order has advised the bank to temporarily stop
1. All launches of Digital Business generating activities planned under its program- Digital 2.0 (to be launched) and other proposed business generating IT applications
2. Sourcing of new credit card customers.
In addition, the Order states that the bank’s  Board examines the lapses and fixes accountability.

The above measures shall be considered for lifting upon satisfactory compliance with the major critical observations as  identified by the RBI