The Reserve Bank of India (RBI) has directed Kotak Mahindra Bank to stop onboarding new customers through its online and mobile banking channels, reported news agency Reuters on Wednesday.
The restrictions are imposed due to Kotak Mahindra Bank’s ongoing failure to address concerns comprehensively and promptly, as per the report. It has failed to meet RBI’s corrective action plans for 2022 and 2023.
RBI has also restricted the Kotak Mahindra Bank from issuing new credit cards. However, service for the existing customers and credit cards will continue.
Source Agencies
