Thursday, 25 April, 2024

RBI Orders Kotak Mahindra Bank to Halt New Digital Onboarding and Credit Card Issuance Due to IT Failures

Reserve Bank of India, today, has issued a directive to Kotak Mahindra Bank to halt the onboarding of new customers via its online & mobile banking platforms & to cease the issuance of new credit cards. The bank is permitted to continue serving its existing customers including maintaining its current credit card operations. This measure comes in response to concerns identified by the RBI regarding inadequate IT infrastructure, which has led to repeated disruptions in the bank's digital services.