HDFC Bank MD Jagadishan says credit card customers will feel the tech transformation

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HDFC Bank’s managing director Sashidhar Jagadishan said that the bank would demonstrate the technology transformation that it has embarked upon and would be back with a bang in the credit card business. This comes after the Reserve Bank of India (RBI) lifted a ban on the country’s largest lender on acquiring new credit card customers, after nine months.

As the restrictions on card acquisitions have been lifted, the bank will be aggressively going into the markets in the coming months with not just the existing suite of credit cards, but also new offerings in the form of co-brands and partnerships, he told The Economic Times.

He also added that the RBI’s ban, helped the bank to rework its IT systems, processes and turbocharging the speed of technology transformation.

RBI to monitor bank’s digital businesses

Though the central bank has lifted the restrictions on credit card issuances, it would continue to monitor the digital business activities under the bank’s Digital 2.0 initiatives.

The Economic Times reported that the RBI has asked the bank to submit a board approved letter indicating continued compliance with its IT examination report. The bank has said that it will continue to engage with the RBI and ensure compliance on all parameters, so that the restrictions imposed on new launches of the digital business generating activities planned under Digital 2.0 could be lifted soon.