RBI action poses challenge to Jay Kotak-led Kotak 811, say industry veterans moneycontrol.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from moneycontrol.com Daily Mail and Mail on Sunday newspapers.
Kotak Mahindra Bank: Shedding the underperformer tag may be a tough task thehindubusinessline.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from thehindubusinessline.com Daily Mail and Mail on Sunday newspapers.
The Reserve Bank of India (RBI) has imposed strict restrictions on Kotak Mahindra Bank, a third-most valued private bank in India, for failing to fix its IT systems over the past two years. The bank was asked to stop functions cited "with immediate effect" and assured customers that there would be no interruption to services. Kotak Mahindra Bank has taken measures to strengthen its IT systems and will continue to work with the RBI to resolve balance issues at the earliest.
The Reserve Bank of India (RBI) barred Kotak Mahindra Bank from signing up new customers through its online and mobile banking channels, and issuing fresh credit cards, among the toughest curbs imposed on a scheduled bank.