HDFC Bank gains as RBI lifts curbs on digital business

HDFC Bank gained 1.72% to Rs 1,421 after after the Reserve Bank of India (RBI) lifted restrictions on its business-generating activities planned under the bank's Digital 2.0 program.

The RBI vide its letter dated 11 March 2022 has lifted the restrictions on the business generating activities planned under the Bank's Digital 2.0 program. The members of the Board of Directors have taken note of said RBI letter, HDFC Bank said in an exchange filing.

HDFC Bank was directed by the RBI in December 2020 to stop issuing fresh cards until it had sorted out its tech problems. The bank also couldn't launch any new digital initiatives.

The private sector bank's net profit rose 18.08% to Rs 10,342.20 crore on 8.33% increase in total income to Rs 40,651.60 crore in Q3 December 2021 over Q3 December 2020.

HDFC Bank is one of India's leading private bank. As of 31 December 2021, HDFC Bank's distribution network was at 5,779 branches and 17,238 ATMs/ cash deposit & withdrawal machines (CDMs) across 2,956 cities/ towns as against 5,485 branches and 15,541 ATMs/ CDMs across 2,866 cities/towns.

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