Mumbai, April 24 -- Citing continuous failure to address IT related deficiencies, the Reserve Bank of India (RBI) on Wednesday, in exercise of powers vested on it, has barred Kotak Mahindra bank to "cease and desist", with immediate effect, from onboarding of new customers through its online and mobile banking channels and issuing fresh credit cards.
The bank shall, however, continue to provide services to its existing customers, including its credit card customers, the RBI said in its statement "Supervisory Action against Kotak Mahindra Bank Limited".
These actions are necessitated based on significant concerns arising out of Reserve Bank's IT Examination of the bank for the years 2022 and 2023 and the continued failure on part of the ba...