Business: The country's largest private bank HDFC has ended its partnership with iPhone maker giant Apple. Due to this, now HDFC Bank will not give any discount on iPhone and other Apple products. This is a shock for the bank's customers before the festive season. They will not get any special deal on Apple products from the bank during the festivals. This partnership of Apple and HDFC Bank had completed 5 years. 

The bank is reviewing the cost and income of the partnership 

HDFC Bank's group head Parag Rao said that he is reviewing the cost-to-income of this partnership. We have only taken a temporary break from the partnership. We worked together for 5 years. We have a very good relationship with this company. However, it has now become very important to review it. Due to the partnership between Apple and HDFC Bank, cashback and EMI facility is provided on the company's products through credit card, which will not be possible now. 

Things got worse as Apple got connected to other banks 

According to Apple's website, they are offering cashback and EMI facility on American Express, Axis Bank and ICICI Bank cards. Parag Rao said that Apple has tied up with many banks. For the last 5 years, only we were providing them this service. In such a situation, it became very important to think about partnership. He said that the bank is ready for the festive season. We are sure that deposit and credit growth will be fast. 

Improvements made in PayZapp, working with NPCI 

He said that the Reserve Bank of India (RBI) had expressed concern about unsecured retail loans. But, there is no such concern in our portfolio. We have never worked against the policies. We are the country's largest private bank. We do not want a risky business. We have made many improvements in PayZapp. Our payment app has 1.4 crore customers. We are working together with NPCI.