RBI Curbs on Kotak Bank
The Reserve Bank of India (RBI) has imposed restrictions on Kotak Mahindra Bank, prohibiting the onboarding of new customers via online and mobile banking channels and the issuance of fresh credit cards. This action follows significant deficiencies found during the RBI's IT examination of the bank, highlighting concerns in areas such as IT inventory, patch management, and data security. The bank, however, will continue servicing its existing customers and can still onboard new customers through physical branches. The RBI's move underscores the critical need for robust IT frameworks in banks to ensure customer satisfaction and data security.
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