On April 24, the Reserve Bank of India (RBI) imposed business restrictions on Kotak Mahindra Bank (KMB) barring the lender from adding new customers through digital channels and issuing new credit cards. Experts expect this to impact their earnings.
In the past five years, the central bank has imposed restrictions on Paytm Payments Bank, Bank of Baroda, Mastercard and American Express Banking, among others.
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Speaking to the media after announcing the policy, the governor also said that financial stability is a joint responsibility of the regulator and the regulated entity. "We supervise all major entities. Wherever we see a problem, we first engage with the entity to see that corrective actions are taken. Where we see that the problems are huge or persistent only then we act," the Governor said.