Cost of spending on digital transformations plateauing: HDFC Bk's Parag Rao

On Thursday, the bank launched a new one-stop solution application for merchants called the 'SmartHub Vyapar Merchant app'

India’s largest private lender HDFC Bank is witnessing a plateau in its cost to income when it comes to the spending on digital transformations, Parag Rao, group head (payments, consumer finance, digital banking, and IT) said on Thursday.

Speaking on the sidelines of a product launch on Thursday, Rao said that HDFC Bank had not faced any teething issues regarding the adherence to the Reserve Bank of India’s tokenisation norms, which kicked in on October 1. According to Rao, 70-80 per cent of the process had already been completed by HDFC Bank before the transition to the new regime.

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