In 2020, Reserve Bank of India (RBI) imposed crippling restrictions on HDFC Bank, India’s largest bank by market-capitalisation, sending shock waves throughout the banking industry.
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"The digital acquisition of customers will be adversely impacted but the reputational impact is surprising since Kotak is considered to be a conservative bank with good processes and systems in place," said Kaitav Shah, banking analyst, Anand Rathi Brokerage.