Kotak Mahindra Bank: Big action by RBI against Kotak Mahindra Bank, ban on issuing new credit cards and creating online customers
Kotak Mahindra Bank: RBI has taken major action against Kotak Mahindra Bank. RBI has immediately banned the issuance of new credit cards. Besides, there is a ban on adding new customers through online or mobile banking channels. However, RBI said that Kotak Mahindra Bank will continue to provide all services to its existing customers including credit card customers. RBI has imposed these restrictions on the bank citing data security.
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Banking sector regulator Reserve Bank of India has taken major action against Kotak Mahindra Bank. RBI has banned Kotak Mahindra Bank from adding new customers through online or mobile banking channels. Apart from this, RBI has also decided to ban the issuance of new credit cards of Kotak Bank.
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Giving information about RBI’s decision, news agency ANI wrote that – Reserve Bank of India today directed Kotak Mahindra Bank Limited to stop adding new customers and issuing new credit cards through its online and mobile banking channels with immediate effect. Have given. This action has become necessary based on the significant concerns arising from the Reserve Bank’s IT audit of the Bank for the years 2022 and 2023 and the Bank’s continued failure to address these concerns in a comprehensive and timely manner:
Flaws were found in the IT system
RBI had found flaws in the IT system of Kotak Mahindra Bank. The central bank had also sought a reply from the bank on this issue and RBI did not find this reply satisfactory. Let us tell you that this action has been taken by the Reserve Bank after the IT investigation conducted in 2022 and 2023. Giving information, RBI said, there were ‘serious flaws’ in the way Kotak Mahindra Bank manages its IT inventory and secures data. RBI has used its power under Section 35A of the Banking Regulation Act 1949 and took this action against Kotak Mahindra Bank. However, customers who are already with the bank will be able to use all the services as before.
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