Reserve Bank carried out the investigation and noted the deficiencies which were reflective of weaknesses and failures in internal control mechanisms
HDFC Bank on Thursday said network outages that led to a regulatory ban on new credit card sales were not due to transaction volumes, and affirmed that it continues to stay in touch with the RBI for restarting the services but giving a timeline for it will be difficult. The bank said it is on its way to creating a new technology architecture for the future as part of the "digital factory" and "enterprise factory" initiative. But, it conceded that outages will continue under the older system though it will be working to minimise the time taken to bring the service back. In December 2020, the RBI took the unprecedented step of stopping the largest private sector lender from selling any new credit cards and also launching new digital services, because of a series of network outages.
Indian benchmark equity indices, Sensex and Nifty, ended lower after a five-day rally, with the Sensex dropping 607 points and the Nifty falling to 24,013.10. The decline was primarily driven by heavy selling in IT firms following Accenture's trimmed revenue guidance and renewed geopolitical uncertainty, specifically the postponement of US-Iran negotiations.
Following market regulator Sebi's decision to allow the bank to open fresh demat accounts, HDFC Bank on Friday said it has also received approval from the Reserve Bank for setting up additional branches and ATMs.
Apart from navigating the bank through the Covid crisis, Jagdishan may also have to deal with the latest development on the auto loan lending practice scam. He will be expected to deliver consistent profit growth of 20 per cent-plus quarter after quarter, irrespective of the operating environment.
The country's second largest private sector lender HDFC Bank on Monday slashed benchmark lending rate by 25 basis points to 15.75 per cent.
The minimum amount of recharge is Rs 10 and the maximum is Rs 250.
Benchmark equity indices Sensex and Nifty extended their gains for the third straight session on Wednesday, driven by last-hour buying in bank, metal, and FMCG shares.
HDFC Bank customers will be able to do 11 transactions on their Apple device using the `watchbanking' service.
Indian banks are urging the Reserve Bank of India (RBI) to reconsider its new $100 million cap on net open foreign-exchange positions, warning that the directive could lead to significant mark-to-market (MTM) losses and force an accelerated unwinding of trades, potentially impacting FY26 earnings.
Indian stock market benchmarks Sensex and Nifty rebounded by over 1% on Monday, driven by value-buying in banking stocks after a three-day slump. Key gainers included UltraTech Cement, HDFC Bank, and Mahindra & Mahindra.
The board has approved the share swap ratio of one share of Rs 10 each of HDFC Bank for every 29 shares of Re 1 each held in Centurion Bank of Punjab, HDFC Bank said in a filing to the Bombay Stock Exchange.
Sensex gains over 400 points while Nifty trades above 23,800 amid strong IT sector buying.
Indian benchmark indices Sensex and Nifty surged significantly in early trade, tracking a global rally fueled by US President Donald Trump's declaration of an end to the war with Iran and a subsequent drop in crude oil prices.
The bank introduces project 'Khoj' to re-hire 3,000 ex-workers over 18 months.
"At best, the two can be called as Indian-controlled banks," DIPP secretary R P Singh said when asked about the government's stand in the wake of the two seeking clarifications on the matter.
Also more domestic borrowers are expected to access overseas markets for their funding needs as the rupee funds are still a costly affair.
A local court in Mumbai acquitted a 23-year-old Jharkhand resident in a cyber fraud case, citing a lack of evidence proving a criminal conspiracy. The court ruled that merely crediting a defrauded amount into a person's bank account does not constitute a criminal offence without proof of involvement in the conspiracy.
The Reserve Bank of India (RBI) and the central government have introduced a package of measures, including tax exemptions for FPIs on government securities and a concessional foreign-exchange swap facility, aiming to attract up to $50 billion in foreign capital. This initiative is designed to strengthen India's balance of payments and potentially cover the projected BoP gap for FY27.
At end of week, Infosys had a market valuation of Rs 2,69,489 cr, or Rs 432.68 cr more than HDFC Bank's Rs 2,69,056 cr
Indian bank credit expanded by 16.08 per cent year-on-year in FY26, marking its fastest pace since FY24, while deposits grew by 13.47 per cent, according to RBI data. Experts caution that year-end figures may be inflated due to reporting date changes, but acknowledge strong momentum in corporate, MSME, and retail segments.
Indian equity markets experienced a volatile trading day, with the Sensex and Nifty closing almost flat. Market sentiment was influenced by global cues, US-Iran talks, and profit-booking activities.
Indian benchmark stock indices, Sensex and Nifty, closed nearly 1 per cent lower following the collapse of US-Iran negotiations, which heightened concerns of a prolonged conflict in West Asia and drove crude oil prices sharply higher.
HDFC Bank on Friday ruled out acquisitions or mergers at present but said it hopes to grow by 25-30 per cent in the next two-three years.
The veteran banker has been instrumental in building the bank from scratch and turning it into the largest private sector lender of the country.
Indian equity benchmarks, Sensex and Nifty, ended lower after a spectacular rally, with the Sensex tumbling 931 points, as renewed tensions in West Asia, particularly the risk to the ceasefire deal after Iran closed the Strait of Hormuz, dampened investor optimism.
Former HDFC Bank CEO Aditya Puri will be guiding global Carlyle on investment opportunities across Asia as a senior advisor, the global private equity major said on Monday.
The case for long-term investment in gold, however, remains intact.
RBI deputy governor, K C Chakrabarty had also said that there was no money laundering involved as alleged by the Cobrapost.
HDFC Bank's shares fell by 3.46 per cent to close the day at Rs 659 on the BSE. In intra-day session, the scrip lost 4 per cent to Rs 655.10.
Banking operations at public sector banks across the country were impacted on Tuesday as the United Forum of Bank Unions (UFBU) went on nationwide strike demanding the immediate implementation of a five-day work week.
Indian benchmark equity indices Sensex and Nifty surged in early trade, driven by a sharp correction in crude oil prices below USD 100 per barrel and a rally in global markets, fuelled by improving sentiment surrounding US-Iran negotiations.
Indian equity markets, including the Sensex and Nifty, experienced a significant downturn for the second consecutive day, driven by escalating geopolitical tensions in West Asia and persistent foreign fund outflows.
A day after the Reserve Bank of India (RBI) lifted its ban on HDFC Bank on issuing new credit cards, the country's largest private sector lender on Wednesday said it had resources and plans in place to "further reinforce pole position in the credit card segment" and that it would "come back with a bang". "We will aggressively go to the market, with not just our existing suite of credit cards but also new offerings in the form of co-brands and partnerships," Sashidhar Jagdishan, managing director and chief executive officer of HDFC Bank, said in a letter to his employees. The bank's management had earlier indicated that the lender had been sourcing liability customers aggressively over the past few months.
Stock markets rebounded on Friday with the benchmark Sensex closing higher by 316 points after heavy buying in banking and metal shares amid optimism over trade deal progresses and India's participation in Pax Silica.
The loan is completely hassle-free and transparent.
Shareholders had already approved his appointment in 2015 for a period of five years subject to RBI approval
