RBI lifts restrictions on Kotak Mahindra Bank, allowing new customer onboarding and credit card issuance.

The Reserve Bank of India has lifted restrictions on Kotak Mahindra Bank, allowing it to resume onboarding new customers online and issuing fresh credit cards. The restrictions were imposed in April 2024 due to serious deficiencies found in the bank's IT infrastructure and risk management. Kotak Mahindra Bank addressed these issues by implementing remedial measures and conducting an external audit, which satisfied the RBI.