HDFC Bank is a stock in the limelight today, rising almost 3.5% to hit an intraday high at Rs.1564.75 on the back of 1.3 times rise in volumes. Its 52-week high is at Rs.1650, hit in Feb’21.
The stock price is up after RBI yesterday partially lifted the ban on the private sector lender and has allowed it to issue new credit cards. However, RBI stated that its temporary ban on the lender for introducing new, digital initiative continues
RBI had issued a ban after the Bank, despite repeated penalties over the last two years, failed to get its repeated technological outages.
Over the last 8-months, the Bank has upgraded its systems as per the indications from the regulator.