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HDFC bank gears up for digital expansion

July 01, 2021

HDFC bank gears up for digital expansion

HDFC Bank is all set to regain lost ground and grow its digital offerings contributions, yet India’s biggest private lender is as yet anticipating a green sign from RBI to lift the ban forced on the bank on launching any new digital initiatives and issuing new credit cards. The bank said on Monday that its incremental new card market share dropped after RBI restrictions, yet it has used this time to ‘introspect, re-engineer and innovate’.

Parag Rao, Group Head for Payments, Consumer Finance, Digital Banking and IT at HDFC Bank said that the bank has been in discussions with the controller since the last six months. “We are interacting with auditors designated by RBI on an everyday, hour to hour basis and working with them to follow up on the ideas and improvements. We have of presented our present moment, midterm and long haul strategies with RBI,” Rao said.

The bank is now awaiting further instructions from RBI. “We are extremely sure that the RBI will be happy with the progressions we have shown in the short term, and with the plan which we have submitted to them for the medium and long term,” Parag added.

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