RBI Imposes Restrictions on Kotak Mahindra Bank’s Online Customer Onboarding and Credit Card Issuance : Report
The Reserve Bank of India (RBI) has taken decisive action against Kotak Mahindra Bank, restricting the bank from onboarding new customers online and issuing new credit cards due to concerns over data security and deficient IT infrastructure. This development has significant implications for the bank’s operations and customer services.
The Reserve Bank of India (RBI) has taken decisive action against Kotak Mahindra Bank, restricting the bank from onboarding new customers online and issuing new credit cards due to concerns over data security and deficient IT infrastructure. This development has significant implications for the bank’s operations and customer services.
Citing deficiencies in IT inventory management, data security, and operational resilience, the RBI directed Kotak Mahindra Bank to cease onboarding new customers via online and mobile banking channels, as well as halting the issuance of fresh credit cards. However, existing customers will continue to receive services, including credit card facilities.
Kotak Mahindra Bank acknowledged the RBI’s directives and highlighted its efforts to strengthen IT systems and address concerns promptly. The bank reassured existing customers of uninterrupted services across branches, mobile banking, and net banking while emphasizing the temporary pause in new credit card issuance.
The RBI’s decision stemmed from continuous IT examination findings, indicating significant non-compliance with corrective action plans over the years 2022 and 2023. The absence of a robust IT infrastructure led to frequent outages in digital banking channels, impacting customer experience and operational resilience.
The restrictions imposed by the RBI aim to safeguard customer interests and prevent prolonged disruptions that could affect the financial ecosystem and digital banking services. These curbs underscore the importance of robust IT systems and regulatory compliance in the banking sector.
The RBI specified that the restrictions will be reviewed post a comprehensive external audit commissioned by the bank, along with remedial actions to address deficiencies. The outcome of this audit will determine the lifting of restrictions, ensuring compliance and operational stability.
Kotak Mahindra Bank, established in 1985, evolved into a full-fledged banking entity in 2003, offering a wide range of financial services. With millions of customers and a vast network of branches and ATMs, the bank plays a significant role in India’s banking and financial landscape.
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