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RBI imposes restriction on Kotak Mahindra Bank, online, mobile banking channels to be affected

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HT Digital,

Guwahati, April 24: The Reserve Bank of India (RBI) has ordered Kotak Mahindra Bank to halt the addition of new customers through its online and mobile banking platforms and to cease issuing new credit cards immediately.

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This comes after the RBI identified deficiencies in the bank’s IT system during 2022 and 2023. The decision has sparked worries among the bank’s existing customers about the safety of their funds and the operation of their credit cards.

However, the RBI has assured that existing customers, including credit card holders, will continue to receive services. The RBI pointed to several problems in the bank’s IT infrastructure, such as non-compliance in IT inventory management, patch and change management, user access management, vendor risk management, data security, data leak prevention strategy, and business continuity and disaster recovery planning.

The RBI further noted that Kotak Mahindra Bank had been in breach of regulatory guidelines regarding IT Risk and Information Security Governance for two consecutive years.

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