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The Hindu

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The Hindu Bureau

RBI imposes business curbs on Kotak Bank for IT infra deficiency

RBI the Reserve Bank Uday Kotak

The Reserve Bank of India (RBI) on Wednesday directed Kotak Mahindra Bank Ltd. (Kotak Bank) to cease and desist, with immediate effect, from onboarding of new customers through its online and mobile banking channels and issuing fresh credit cards.

Kotak Bank is however allowed to continue to provide services to its existing customers, including its credit card customers.

“These actions are necessitated based on significant concerns arising out of Reserve Bank’s IT examination of the bank for the years 2022 and 2023 and the continued failure on the part of the bank to address these concerns in a comprehensive and timely manner,” the central bank said in its directive.

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