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Mumbai/ New Delhi, Dec 03: In an unprecedented move, the Reserve Bank has temporarily barred HDFC Bank from launching digital banking initiatives and issuing new credit cards after taking a serious view of service outages at the country’s largest private sector lender over the last two years.
The Reserve Bank of India’s order came on Wednesday, days after the last instance of service outage across its digital banking channels, including internet banking, mobile banking and other payments. The outage, which happened on November 21, had severely inconvenienced customers, the bank informed the exchanges on Thursday.
In December 2018, the bank’s new mobile application crashed within hours of its…
