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RBI ordered HDFC Bank to halt its Digital Businesses

Published on December 03, 2020
Current Context: The Reserve Bank of India has issued an order to India’s private sector bank, HDFC Bank in regards to incidents of outages in the internet and mobile banking and payment utilities of the
RBI ordered HDFC Bank to halt its Digital Businesses
lender over the last 2 years.
  • Also, the central bank noted recent outages in HDFC Bank’s internet banking facility on 21st Nov 2020 owing to a power failure in primary data centres. 
  • Therefore, RBI has ordered HDFC Bank to temporarily stop the launch of all its digital businesses and other business under IT applications.
  • RBI has also ordered to stop sourcing new credit cards to the customers and has asked the board members of HDFC Bank to examine the lapses and fix the accountability. 
  • Static Part: 
    • HQ of RBI: Mumbai
    • Governor of RBI: Shaktikanta Das
    • HQ of HDFC Bank: Mumbai
    • MD and CEO of HDFC Bank: Sashidhar Jagdishan

Question: 

Q.1 To which of the following bank, RBI has issued an order to halt its digital businesses and sourcing new credit cards to the customers?
a. ICICI Bank
b. Yes Bank
c. Bandhan Bank
d. HDFC Bank
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