Recently, the RBI barred Kotak Mahindra Bank from onboarding new customers using mobile applications and online channels and issuing new credit cards from 24 April 2024. If you are also an existing customer of Kotak Mahindra Bank, do you need to worry about it? Let’s know about the impact of the RBI’s move on Kotak Bank.
Impact of RBI’s Move on Kotak Mahindra Bank Customers
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The RBI said on 24 April 2024 that Kotak Bank will not issue new credit cards and will not accept new customers through mobile applications or any online channel. However, this ban will not impact existing customers. All existing customers will get all types of services, including credit card services, from the bank.
If you want to open a new bank account with Kotak, you can go to the nearest branch; however, the Bank cannot issue new credit cards.
RBI has revealed the reason behind this ban, saying that it has been examining the bank’s IT systems for over two years and has failed to address concerns. Central Bank of India stated that some severe deficiencies and non-compliance were observed in IT inventory management, patch and change management, vendor risk management, data security, data leak prevention strategy, user access management, business continuity, disaster recovery rigor and drill, and so on.
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