According to sources, the RBI has taken this action against the bank due to lapses in IT risk management and information security practices.
New Delhi: The Reserve Bank of India (RBI) has issued a major ban on Kotak Mahindra Bank. For now, this private bank cannot take new customers through online or mobile banking. A ban has also been imposed on issuing new credit cards.
In a directive on Wednesday, the RBI said ban on connecting new customers of Kotak Mahindra Bank to online banking or mobile banking is being imposed due to unsatisfactory IT audit report. Not only that, Kotak Mahindra will not be able to issue any new credit cards until further notice. However, bank customers have been assured that there is nothing to worry about. Existing customers will continue to receive services in the same way.
However, according to sources, the RBI has taken this action against the bank due to lapses in IT risk management and information security practices. The RBI said it had received alarming reports on IT audits of banks in 2022 and 2023. It shows that Kotak Mahindra Bank's IT department has a lot of problems. As a result, it is not safe to add new customers to online banking or mobile banking.
Even if the RBI gives assurances, experts estimate that it may have an impact on the share price. Notably, a few days ago, RBI stopped Paytm from accepting new customers due to violation of rules.
New Delhi: The Reserve Bank of India (RBI) has issued a major ban on Kotak Mahindra Bank. For now, this private bank cannot take new customers through online or mobile banking. A ban has also been imposed on issuing new credit cards.
In a directive on Wednesday, the RBI said ban on connecting new customers of Kotak Mahindra Bank to online banking or mobile banking is being imposed due to unsatisfactory IT audit report. Not only that, Kotak Mahindra will not be able to issue any new credit cards until further notice. However, bank customers have been assured that there is nothing to worry about. Existing customers will continue to receive services in the same way.
However, according to sources, the RBI has taken this action against the bank due to lapses in IT risk management and information security practices. The RBI said it had received alarming reports on IT audits of banks in 2022 and 2023. It shows that Kotak Mahindra Bank's IT department has a lot of problems. As a result, it is not safe to add new customers to online banking or mobile banking.
Even if the RBI gives assurances, experts estimate that it may have an impact on the share price. Notably, a few days ago, RBI stopped Paytm from accepting new customers due to violation of rules.
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