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On Wednesday evening, the Reserve Bank of India (RBI) barred the Uday Kotak-promoted lender from onboarding new customers through its online and mobile banking channels and directed them to stop issuing new credit cards. The regulator cited “serious deficiencies and non-compliances” and “continued failure on the part of the bank to address these concerns in a comprehensive and timely manner.” ....
Kotak Mahindra Bank Share Price: The company's shares dropped 9.7 per cent to 1,665 rupees in pre-open trade, the lowest since March 2023. The shares of banking major are trading 183.05 points, or 9.93 per cent lower at 1,659.75 per equity share on NSE. ....
Ashneer Grover took a dig at Kotak Mahindra Bank after its 10% share price plunge following RBI s directive to stop new customer acquisitions and credit card issuances. ....
Kotak Mahindra Bank, India s fourth-largest private lender, may see a moderated growth in deposit growth and a marginal drop in low-cost deposits in FY25 as it shifts focus on fixing its IT systems following regulatory curbs. The Reserve Bank of India (RBI) barred the lender from onboarding new customers through its online and mobile banking channels and directed them to stop issuing new credit cards. ....