hdfc bank: the brakes have disappeared, HDFC Bank is preparing to launch a multitude of digital initiatives

NEW DELHI: Having issued more than 21 lakh cards since restrictions were lifted last year, the country’s largest private sector lender, HDFC Bank, plans to launch a series of digital initiatives over the coming quarters, a said a senior official.
The Reserve Bank had banned HDFC Bank from issuing new credit cards following incidents of internet banking/mobile banking/lender payments outages over the previous two years.
The restrictions were partially lifted after eight months in August last year. Finally, in March 2022, the RBI lifted all restrictions on the bank, including digital launches.
“We have taken several steps to ensure that a robust, scalable and secure technology setup is further strengthened. We continue to rigorously monitor progress and are now fully ready to launch the programs under various digital umbrellas over the coming quarters,” said HDFC. The bank’s chief financial officer, R Srinivasan Vaidyanathan, told analysts on an earnings conference call.
Transcripts of the call were submitted to the exchanges on Monday.
He said that in the last fiscal quarter ending March 2022, the bank received a total of 234 million (23.4 crore) visits to its website, with an average of 29 million (2. 9 crore) unique customers per month with an annual growth of around 8 percent.
“Our progress over the past year culminated in the lifting of restrictions on new card acquisitions in August 2021, followed by the lifting of the embargo on Digital 2.0 programs in March 2022,” he said. declared.
The official said the bank’s analysis showed that it received 35 to 75 percent more visits to its website than its counterparts in the public or private sector.
“Nearly 57% of visits were made via a mobile device, which indicates the mobile simplicity of the steps,” he pointed out.
HDFC Bank’s franchise building continues to remain robust with a continued focus on granular deposits as well as building new customer relationships, which has further strengthened the position to gain market share, he added. .
“Retail constituted over 80% of total deposits, the bank had 16.5 million cards (1.65 crore) in March 2022, and during the quarter we issued 8.2 lakh cards, moreover we have issued 21.8 lakh cards since the embargo was lifted in the seven months of this fiscal year (FY22),” Vaidyanathan said.
He said card spending was up 28% from a year earlier.
The bank has 3 million (30 lakh) points of acceptance as of March 2022 with a 37% year-on-year growth.
Regarding the PayZapp bank payment app, which is being revamped, Vaidyanathan said, “The launch of PayZapp is probably a quarter away. group of users close to the creation of selective customers, then broad-based…”
Last week, the lender recorded a 23% rise in its standalone net profit to Rs 10,055.20 crore for the March 2022 quarter, driven by growth in loan demand across all categories and reduction in loan demand. provisioning needs due to the decline in the proportion of impaired loans.

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