After the RBI’s curb on its online and credit card business, the Kotak Mahindra Bank assures its customers to resolve issues and provide uninterrupted services.
“We want to reassure our existing customers of uninterrupted services, including credit card, mobile and net banking. Our branches continue to welcome and onboard new customers, providing them with all the Bank’s services, apart from issuance of new credit cards,” the bank said in a statement.
We have received an order from the RBI which directs us to temporarily pause onboarding of new customers though our online and mobile banking channels and issuance of fresh credit cards, it said.
“The Bank has taken measures for adoption of new technologies to strengthen its IT systems and will continue to work with RBI to swiftly resolve balance issues at the earliest.”
Earlier in the day, the RBI directed the Kotak Mahindra Bank Limited to cease and desist, with immediate effect, from onboarding of new customers through its online and mobile banking channels and issuing fresh credit cards.
However, the RBI said the bank shall continue to provide services to its existing customers, including its credit card customers.
RBI said these actions are necessitated based on significant concerns arising out of Reserve Bank’s IT Examination of the bank for the years 2022 and 2023 and the continued failure on part of the bank to address these concerns in a comprehensive and timely manner.
