HDFC Bank Customers: This Is How RBI’s Diktat Impacts You

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Personal Finance

oi-Roshni Agarwal

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Updated: Thursday, December 3, 2020, 18:08 [IST]

Amid frequent disruption in online services of HDFC Bank, RBI today announced that HDFC Bank that it should put on hold acquiring new credit card customers as well as pull back the introduction of its digital business planned under Digital 2.0.

HDFC Bank Customers: This Is How RBI's Diktat Impacts You

HDFC Bank Customers: This Is How RBI’s Diktat Impacts You

The decision has been announced after the leading private sectors bank’s digital banking services remained non-functional for 12 hours on November 21. And the services such as UPI, IMPS, debit card, credit cards as well as net banking could not be accessed by customers.

Similar instances were also seen in 2019 and 2018 also, and this time the expert time thought it to be more of a capacity issue. Now with all these technical glitches being experience so often with the banker, can HDFC Bank customers trust and rely on its digital banking services. There is now a big question mark over this?

And here we tell how HDFC Bank customers should go about with their dealings at the bank. Further, what if you applied for a new credit card with the bank, how should you approach the RBI’s decision:

How RBI’s Diktat Would Impact HDFC Bank’s Current Customers?

All the services such as digital banking via mobile or net channels can be accessed without any concern. So, you maintain a credit card, savings account, salary account with the bank, there is no reason to worry.

“Existing customers don’t need to panic, as there is no impact on our services. You can continue to transact without any concern, through any of the digital banking channels (mobile and net banking)”, said an official from the bank. The current credit card holders can also swipe the card at outlets and use it online for any transactions.

What if you applied for credit card with HDFC Bank?

While the RBI has asked HDFC Bank to temporarily stop issuing and sourcing new credit card customers. Those who had made a credit card application and whose application are being under processing, they will be issued the credit card.

How long with the ban on such new card issuance as well as restriction on launching services under Digital 2.0 will last?

And these restrictions may be lifted once the bank satisfactorily complies with the major critical observations as identified by the RBI. Besides as per a report it could be for 3-4 months time also.

What was being planned under Digital 2.0?

Under Digital 2.0, HDFC Bank was planning upgradation of its mobile banking services and thought out to provide net banking services to all its customers. So, now the various upgrades shall be rolled out only after the bank is done with the compliance work.

“However, the bank’s net and mobile banking services will not be affected due to temporary halt on digital 2.0 activities. Customers can continue to use digital banking without any concern,” says an official from the HDFC bank.

If you were to apply for the credit card with HDFC Bank: Then What?

Now, it is unlikely the restriction will be lifted soon and so if you are in need of a credit card immediately. You can look for the different parameters such as features, rates, annual fees, benefits etc. and then decide on the credit card issuer.

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