RBI directs HDFC bank to stop issuance of new credit cards

The Reserve Bank of India has advised HDFC Bank to temporarily stop:

launch of the digital business activities planned under its Digital 2.0 program (to be launched) and
issue of new credit cards to customers.
This step has been taken by RBI in view of repeated outages in the HDFC bank’s internet banking/ mobile banking/ payment utilities over the past two years.
The latest such event occurred on November 21, 2020. The reason given by HDFC bank for this was power failure in its primary data centre.
RBI in its order to HDFC bank, has advised the Bank’s Board to examines the lapses and fixes accountability.