RBI Takes Action on Kotak Mahindra Bank: A Look at Recent Regulatory Interventions
In recent years, the Reserve Bank of India (RBI) has implemented significant regulatory measures on several financial institutions, including prominent names like Paytm Payments Bank, Bank of Baroda, Bajaj Finance, HDFC Bank, and Mahindra & Mahindra Financial Services. This trend extends to international players as well, with Mastercard, American Express, and Diners Club also facing stricter regulations.
RBI Blocks New Customers and Credit Cards for Kotak Mahindra Bank
- India’s central bank, the RBI, recently restricted Kotak Bank from onboarding new customers online or via mobile banking.
- This action comes after the bank failed to fix ongoing issues with its computer systems (IT) despite previous warnings.
- The restriction also includes a ban on issuing new credit cards by Kotak Bank.
RBI Assures Smooth Operations for Existing Kotak Mahindra Bank Accounts
- The good news for current Kotak Mahindra Bank customers is that this ban won’t impact them.
- The RBI assures that existing customers can continue using all their banking services, including their credit cards.
To learn more about why the RBI took action against Kotak Bank, click here.
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