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The bank said that it believes that the directions will not materially impact its overall business and it will step-up investments to fortify its IT systems.
Kotak Bank plunged 10 per cent to Rs 1,673 after the Reserve Bank of India (RBI) barred the private lender from issuing new credit cards
Citing data security concerns, the Reserve Bank of India has barred Kotak Mahindra Bank from onboarding new customers online and issuing new credit cards with immediate effect. The bank can, however, continue to serve its customers
The Reserve Bank of India (RBI) has imposed restrictions on Kotak Mahindra Bank's digital onboarding and credit card issuance. This action follows concerns identified by the RBI regarding the bank's IT infrastructure and information security practices. RBI mentions, "...the banks Core Banking System (CBS) and its online and digital banking channels have suffered frequent and significant outages in the last two years, the recent one being a service disruption on April 15, 2024." What happened on April 15? Know all the details.
Kotak Mahindra Bank may, however, continue to provide services to its existing customers, including its credit card customers, the apex bank said.