The Reserve Bank of India (RBI) has lifted nine-month old
curbs on Kotak Mahindra Bank, allowing it to onboard new customers through its
online and mobile banking channels. The Reserve Bank also permitted the private
sector lender to issue fresh credit cards.
The RBI in April 2024 had directed the lender to cease and
desist from onboarding new customers through its online and mobile banking
channels, and issuing fresh credit cards. Subsequently, the bank initiated
remedial measures to address the supervisory concerns and submitted compliances
to the Reserve Bank. The bank also commissioned an external audit, with
prior approval of RBI, to validate compliance.
Kotak Mahindra Bank offers a wide range of banking products and financial services for corporate and retail customers through a variety of delivery channels and specialized subsidiaries in the areas of personal finance, investment banking, life insurance, and wealth management.
Source: Ace Equity
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