HDFC Bank partners with Creditas on solution for loan, credit card customers

Private sector lender HDFC Bank Ltd has partnered with fintech company Creditas Solutions to offer a guided and customized debt management solution for its loan and credit card customers.

With covid-19 still gripping the country and posing enormous repayment challenges for consumers, the platform comes armed with ready-to-deploy solutions addressing a number of challenges faced by users while managing their credit card and loan payments, Creditas Solutions said in a statement on Tuesday.

“The platform enables customers to access their credit account information in real-time, on any device, and also streamline and enable the repayment process, allowing further flexibility to pay when and how they choose,” it said.

Sagar Chaudhuri, senior vice-president (retail portfolio management) at HDFC Bank said, this partnership with Creditas is a step further to offer a holistic and convenient self-service repayment platform for customers.

“It aligns with our strategy where we aim to offer our customers convenience, confidence and guidance, which is a clear differentiator in the banking space. Additionally, this platform will also strengthen our engagement with customers via a digital channel,” said Chaudhuri.

In December last year, HDFC Bank was ordered to halt launching new digital banking initiatives and freeze credit card issuance until the lender addresses the lapses that led to a series of glitches. The Reserve Bank of India (RBI) issued the 2 December order after outages in the internet and mobile banking systems over the past two years.

Before the ban, the bank had been adding over 100,000 credit card customers every month between April and November 2020. On the progress of RBI’s third-party IT audit and a possible timeline for lifting of the embargo, its chief information officer Ramesh Lakshminarayanan recently said the bank has completed all assessments and the matter is with the regulator.

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