Citing ‘significant’ deficiencies and non-compliances in various areas including IT risk and information security governance for consecutive years, the Reserve Bank of India (RBI) on Wednesday barred private lender Kotak Mahindra Bank from adding new customers through its online and mobile banking channels and issuing fresh credit cards.Kotak Mahindra has been significantly non-compliant with corrective action plans issued by RBI for years 2022 and 2023, it said.The RBI said the bank, however, continues to provide services to its existing customers. “These actions are necessitated based on significant concerns arising out of Reserve Bank’s IT Examination of the bank for the years…
Read More…
RBI bars Kotak Mahindra Bank from issuing new credit cards, adding new customers online or via mobile – Firstpost
