RBI restricts Kotak Mahindra Bank from onboarding new customers and issuing credit cards due to IT risk management concerns.
The Reserve Bank of India (RBI) has barred Kotak Mahindra Bank from onboarding new customers via online and mobile banking channels and issuing fresh credit cards, citing significant concerns regarding the bank's IT risk management and governance. The RBI's actions follow a two-year period of deficiencies in the bank's IT Risk and Information Security Governance. Despite the restrictions, existing customers of the bank, including credit card users, will continue to receive services without disruption.
April 24, 2024
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