The CEO and MD of HDFC Bank, Sashidhar Jagdishan has stated that he is sorry for the technical glitches which have led to the freezing issue of new credit cards and putting its digital strategy on hold.

When he first communicated with the shareholders, he also promised that he would ensure that the bank keeps culture, conscience, and customers at the forefront while focusing on the regulatory action on misselling.

Jagdishan stated that HDFC Bank is sorry for what has happened and has taken this as an opportunity to improve its facilities and fix the problem with swift efforts. According to him, the RBI had ordered a third-party audit of the bank’s IT system. The audit has been completed and the report has been submitted to the regulator.

Jagdishan further stated that the bank had received a penalty because it was distributing GPS devices with auto loans to a vendor. Accordingly the bank will now have to pay a penalty of Rs 10 crores and will also have to repay the commission that it earned from this process back to the customers.