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RBI bars Kotak Mahindra Bank from onboarding new customers through online, mobile banking; issuing new credit cards

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RBI bars Kotak Mahindra Bank from onboarding new customers through online, mobile banking; issuing new credit cards

Kotak Mahindra Bank has been prohibited by the Reserve Bank of India (RBI) from acquiring new customers using online and mobile banking channels and issuing fresh credit cards due to supervisory concerns. The RBI cited significant deficiencies in areas such as IT inventory management, data security, and disaster recovery as the reasons for the action. The bank will still be able to provide services to existing customers, but its failure to address these concerns adequately and in a timely manner has led to the restriction. The RBI found that the bank's IT infrastructure was not robust and suffered frequent outages, causing inconveniences to customers.

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