Reserve Bank of India lifts credit card ban on HDFC Bank
The Peninsula
Shares in HDFC Bank Ltd. jumped after the Reserve Bank of India said it would allow the lender to issue new credit cards, partially removing a months-long ban.
The lender will roll out the preparations and strategies it has put in place to "come back with a bang” on credit cards, it said in a statement. It will also "continue to engage with RBI and ensure compliance on all parameters,” it said. The stock gained as much as 3.4%, the most intraday since May 21, after the bank confirmed the easing of curbs in a stock exchange filing Wednesday, following a Bloomberg News report. Shares were trading 1.7% higher at 10:04 a.m. in Mumbai.
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