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RBI directed Kotak Mahindra Bank not to onboard new customers online
The Reserve Bank of India directed Kotak Mahindra Bank Ltd., one of the prestigious banks in India, to stop onboarding new customers online through its mobile banking channels and also to stop issuing credit cards with immediate effect.
Some exemption :
However, RBI stated that Kotak Mahindra Bank is allowed to carry on its services for existing customers including credit card services for existing customers.
Reasons behind non-compliance:
According to the directive of Reserve Bank of India on this topic, these actions are regarding the concern highlighted through Reserve Bank of India’s IT examination of the bank for 2022, 2023. The failure of Kotak Mahindra Bank to address these concerns is also a reason behind the action.
The security deficiencies and non compliance on some important areas of banking such as IT management,business continuity, data security, disaster recovery rigor and drill and other areas are the main concerns of the Reserve Bank of India.
RBI’s clarification:
As per RBI,for around two years, the Kotak Mahindra Bank was assessed along with its IT risk and security governance and requirements under RBI regulatory guidelines. In this assessment the Kotak Mahindra Bank was found non compliant and appropriate actions were taken by the Reserve Bank of India.
About Kotak Mahindra Bank:
Founded- 21st November 1985
Founder- Uday Kotak
Headquarter- Mumbai
CEO- Ashok Vaswani
Tagline- let’s make money simple
Conclusion:
As per the Kotak Mahindra Bank’s reply on this topic it mentioned that it had taken appropriate resolutions such as new technologies adaptation to strengthen its IT system and further it will continue to work with RBI guidelines.
Important Questions:
- Why has RBI directed Kotak Mahindra Bank not to onboard new customers online?
- Who is the Chairperson of Kotak Mahindra Bank?
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