No deposit-taking institution in the world is trusted more by savers and enjoys bigger cachet with investors than HDFC Bank. What this plenitude has done to India’s most valuable lender is make it so lethargic — literally, with its digital services suffering repeated tech outages — that it had to be banned from issuing new credit cards for eight months. But a regulatory slap on the wrist is no durable solution. Bank licences are permits to make money out of thin air.
“This rap has opened our eyes to the world of possibilities,” he told employees in August, as the restrictions were being eased. But instead of patting itself on the back for waking the sluggish lender, the Reserve Bank of India should ask why it has to do the market’s job of pushing firms to embrace best-in-class technology.
“The principal beast of burden for credit delivery and issuance of demand deposits, that is the incumbent bank, has remained undisrupted,” says Niti Aayog, the government’s think-tank.
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