HDFC Bank Cleared To Issue New Credit Cards In India

RBI had placed restrictions aftermost year due to outages in the bank's agenda acquittal services

India's better private-sector lender HDFC Coffer said on Wednesday that the axial coffer has airy restrictions placed on it aftermost year on arising new acclaim cards, afterward outages in the bank's agenda acquittal services. However, restrictions on new launches accompanying to the company's agenda business will abide till added analysis by the Reserve Coffer of India, HDFC Coffer said in a authoritative filing.

HDFC Bank's shares rose as abundant as 3.4 per cent to a five-month aerial of Rs 1,565.35. The coffer has beatific a board-approved letter to the Reserve Coffer of India adage it will accede with all the norms, according to a source. Afterwards instances of agenda outages at the coffer aftermost year afflicted its online casework the RBI barred the coffer from arising any new acclaim cards in December, till added notice. With about 15 actor acclaim cards, HDFC Coffer is the better lender in the articulation with about 24 per cent bazaar share.

Over the aftermost eight months, HDFC Bank's peers such as ICICI Coffer and SBI Cards accept acquired ground. "Lifting of RBI restrictions afore the blithe division augurs able-bodied and we apprehend the coffer to about-face added advancing on acclaim cards over the abutting few months," Macquarie said in a analysis note. In a media alternation beforehand this year an HDFC Coffer controlling said the aggregation had actual advancing affairs for the acclaim agenda articulation already the ban was lifted.

"The RBI move addresses the key overhang as HDFC Coffer is the better acclaim agenda issuer in the country and the acclaim agenda articulation is the key to the bank's all-embracing profitability," allowance abode Motilal Oswal said. The lender's fee assets advance was impacted afterwards the ban came into effect.

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