After internet banking, mobile banking problems, RBI orders lender to stop digital launches, new credit cards



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HDFC Bank failed transactions: Reserve Bank of India  (RBI) has issued an Order dated  December  2, 2020 to HDFC Bank Limited with  regard  to certain incidents of outages in the internet banking / mobile banking / payment utilities of the Bank over the past 2 years, including the recent outages in the Bank’s internet banking and payment system on November 21, 2020 due to a power  failure in the primary data  centre.  

The  RBI  vide  said  Order  has  advised  the  Bank  to  temporarily  stop

i)  all  launches  of  the  Digital  Business  generating activities planned under its program ?Digital 2.0 (to be launched) and other proposed business generating  IT  applications

(ii)  sourcing  of  new  credit  card  customers.  In  addition,  the  Order  states  that  the  Bank’s  Board  examines the lapses and fixes accountability.   

The above measures shall be considered for lifting upon satisfactory compliance with the major

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Digital Lender FlexiLoans Raises INR 150 Cr Through A Mix of Equity and Debt

The startup raised the funding from Falguni and Sanjay Nayar Family Office and will utilize it to scale up its micro SME lending

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Digital lending startup FlexiLoans on Wednesday announced it has raised INR 150 crore through a mix of equity and debt lines. The fund has been raised from Falguni and Sanjay Nayar Family Office.

With the current funding, the Mumbai-based startup has raised INR 500 crore in a mix of both equity and debt since its inception in 2016 and banking relationships with over 13 financial institutions.

The startup will utilize the fresh capital infusion in scaling its micro SME lending and has significant alliance partnerships that will be announced this quarter by offering lending products. The startup

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