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The Reserve Bank of India (RBI) has imposed strict restrictions on Kotak Mahindra Bank, a third-most valued private bank in India, for failing to fix its IT systems over the past two years. The bank was asked to stop functions cited "with immediate effect" and assured customers that there would be no interruption to services. Kotak Mahindra Bank has taken measures to strengthen its IT systems and will continue to work with the RBI to resolve balance issues at the earliest.

Kotak Mahindra Bank, India's fourth-largest private lender, may see a moderated growth in deposit growth and a marginal drop in low-cost deposits in FY25 as it shifts focus on fixing its IT systems following regulatory curbs. The Reserve Bank of India (RBI) barred the lender from onboarding new customers through its online and mobile banking channels and directed them to stop issuing new credit cards.

Kotak Mahindra Bank has reassured customers that all operations are continuing, despite the Reserve Bank of India (RBI) halting new customer sign-ups due to IT system failure. The bank's CEO, Ashok Vaswani, stated that customers can continue accessing existing banking services, but the issuance of new credit cards has been temporarily halted. Kotak Mahindra Bank is in constant communication with the regulator to resolve any issues.

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