HDFC Bank credit card news: RBI approves issuance of new credit cards
In December 2020, HDFC Bank was barred by the Reserve Bank of India from issuing new credit cards and launching any new digital products, unless the bank resolves technical issues faced by the bank from time to time. in which various outages were observed. Its internet banking again and again. And then, there was radio silence on both sides for almost nine months. Meanwhile, the RBI barred American Express from issuing new cards, and MasterCard and Diners Club were also banned, however, on a different requirement, data not being stored in India. Now, we finally have some good HDFC Bank credit card news.
The Reserve Bank of India allows HDFC Bank to issue new credit cards.
The Reserve Bank of India has sent the ban on the bank to be partially withdrawn on August 17, 2021. RBI has allowed HDFC Bank to start issuing new credit cards again. This does not mean that the bank is ready and has started issuing credit cards from August 18. But HDFC Bank should start issuing cards anytime soon, and they have promised a refund “with a bang”. The blast was already visible in the year when many customers received free LTF card upgrades, and there is no reason to doubt the aggressiveness of HDFC Bank once it is back in the market.
HDFC Bank has confirmed the lifting of the ban with a media statement issued today.
Anyhow, when the bank returns to its issuance mode, it will still lose some of its partners for a period of time. Diners Club cards have been banned for now, so one of their wildly successful cards, the Diners Club Black, will be currently unavailable for issue. This will also affect Emirates’ co-branded card, which was kept on their most important terms and conditions but has since been removed.
And on top of that, with the Mastercard ban, HDFC Bank will not issue one of its other exclusive products, the Indigo co-brand card, until the bank switches it to the Visa network. Remember, card products are often co-manufactured with the network, and the 6E product looked like a product considering that even the Mastercard logo was lost at launch.
This is a good thing for HDFC Bank, and I expect a more aggressive market push from their side in the times to come. There’s also a Marriott co-brand card that we still don’t know much about.
Expect to hear more from HDFC Bank in the coming days as the bank will start issuing credit cards again. They have been approved to issue credit cards by the RBI after a long ban and an unprecedented one.
What do you think of HDFC Bank Credit Card news and what do you expect from HDFC Bank in the coming days?
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