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HDFC shares dip 2% as RBI halt digital launches

by Ayushi Sahu
December 3, 2020
in Banking
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HDFC shares dip 2% as RBI halt digital launches
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On Thursday, after the Reserve Bank of India directed the bank to stop digital launches and new credit cards, HDFC Bank’s shares ended more than 2 percent lower at Rs 1,377 on BSE.

The move comes after bank customers have experienced a variety of instances of outages in the bank’s internet banking/mobile banking/payment utilities over the past 2 years, including the latest outages in the internet banking and payment system of the bank on Nov 21, 2020, due to a primary data center power failure.

Over the past two years, HDFC Bank said it has “taken several measures to fortify its IT systems and will continue to work swiftly to close out the balance and in this regard, they would continue to engage with the Regulator.

Meanwhile, on November 25, HDFC Bank’s market capitalization went past Rs 8 trillion, making it the first domestic lender to accomplish the feat. The market value of the private lender rose to Rs 8,05,742 crore on BSE before ending at Rs 7.72 trillion below the mark.

In the aftermath of the Covid-19 pandemic, analysts at CLSA were optimistic about the bank’s digital drive. CLSA said the lender’s new digital ecosystem platforms, which are currently being built for pharmaceuticals and vehicles, will house different stakeholders in the respective value chain and provide them with value-added services.

“Through this, the bank will benefit from insight into cash flows which will eventually lead to higher loan/deposits accretion,” the brokerage said in a recent note.

HDFC revised interest rates

HDFC Bank has updated its fixed deposit interest rates (FDs) with maturities of one year and two years with effect from 13 November. For the remainder of the term deposits, the bank has kept the rates unchanged. HDFC Bank lowered interest rates by 10 basis points (bps) on deposits maturing in one and two years, respectively.

Thus, the interest rate for 1 year from 1 day to 2 years was reduced from 5% to 4.90%. Senior citizens will continue to get 50 bps higher interest rates in comparison with the general public, as announced by the Mint. The bank provides them with 3% to 6.25% interest rates on FDs maturing within 7 days to 10 years.

TENURE

7 – 14 days
INTEREST RATES

2.50
OLD RATES

2.50
15 – 29 days2.502.50
30 – 45 days3.003.00
46 – 60 days3.003.00
61 – 90 days3.003.00
91 days – 6 months3.503.50
6 months 1 days – 9 months4.404.40
9 months 1 day < 1 Year4.404.40
1 Year4.904.90
1 year 1 day – 2 years4.905.00
2 years 1 day – 3 years5.155.15
3 year 1 day- 5 years5.305.30
5 years 1 day – 10 years5.505.50

Ayushi Sahu

Ayushi Sahu

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