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Reserve Bank of India bans Kotak Mahindra Bank from onboarding new customers online, issuing credit cards | Indiablooms

The Reserve Bank of India on Wednesday (April 24, 2024) barred private lender Kotak Mahindra Bank from onboarding new customers online and issuing new credit cards with immediate effect.

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Setback For Kotak Mahindra Bank, RBI Bars It From Onboarding Customers Online, Issuing Credit Cards

The RBI said it took the action under Section 35A of the Banking Regulation Act, 1949.

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RBI bars Kotak Mahindra Bank from onboarding new online customers, issuing credit cards

RBI bars Kotak Mahindra Bank from onboarding new online customers, issuing credit cards
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RBI puts curbs on Kotak Mahindra Bank due to serious deficiencies in its IT network | Central India s Premier English Daily

Mumbai, April 24 (UNI) Citing continuous failure to address IT related deficiencies, the Reserve Bank of India (RBI) on Wednesday, in exercise of powers vested on it, has barred Kotak Mahindra bank to “cease and desist”, with immediate effect, from onboarding of new customers through its online and mobile banking channels and issuing fresh credit

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Uninterrupted services for our existing customers : Kotak Mahindra Bank clarifies after RBI imposes curbs

The central bank in its APril 24 order said that the ban will not impact existing customers and Kotak can continue to provide services to them, including its credit card customers.

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