RBI action on Kotak Mahindra Bank; Bars are adding new customers through online, mobile banking and issuing new credit cards

The RBI said the bank has been found lacking in its IT risk and information security governance for the years 2022 and 2023.
The Reserve Bank of India (RBI) on Wednesday (April 24) directed Kotak Mahindra Bank to stop adding new customers through its online and mobile banking channels, and Also, issuance of new credit cards was banned with immediate effect.
The RBI said the bank has been found lacking in its IT risk and information security governance for the years 2022 and 2023.