The Reserve Bank of India (RBI) barred Kotak Mahindra Bank from onboarding new customers through its online and mobile banking channels, and from issuing fresh credit cards.

Banking & Finance

The Reserve Bank of India (RBI) barred Kotak Mahindra Bank from onboarding new customers through its online and mobile banking channels, and from issuing fresh credit cards. The bank shall, however, continue to provide services to its existing customers, including its credit card customers. These actions were necessitated based on significant concerns arising out of the RBI’s IT examination of the bank in 2022 and 2023 and the bank’s continued failure to address these concerns in a comprehensive and timely manner. For two consecutive years, the bank was assessed to be deficient in its IT Risk and Information Security Governance, contrary to requirements under Regulatory guidelines.


     

     

     

 

     


Kotak Mahindra Bank

CEO- Ashok Vaswani
Founder- Uday Kotak
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