HDFC Bank’s technology spending accounts for 5-7% of the lender’s total expenses, said Parag Rao, head of payments, debt products, consumer finance and marketing. “The majority of our investments have already been completed and have started capitalizing,” he said, adding that 5-7% is a “good number” for a stable organization.
Approximately 50% of banks’ technology spending goes toward core banking infrastructure, with the remainder going toward employee costs.reserve bank of india
These curbs will be removed in March 2022. On Tuesday, the bank launched PIXEL, an end-to-end mobile application-based customizable credit card. Customers can apply for credit cards through the bank’s PayZapp mobile application. Customers can choose from participating stores and earn his 5% cashback on categories such as dining and entertainment, travel, fashion, electronics, and groceries. You can also choose online platforms and he can earn 3% cashback on various platforms like Zomato, Myntra, and BookMyShow.
